Stock futures (/ES) are improving as the morning goes on as they are relatively flat at 7 am CT. Equities were weighed down by soft earnings reports from Google (GOOGL) and IBM after the close yesterday. Better than expected earnings from General Electric (GE) and Goldman Sachs (GS) have helped the pre-market indicators recover overnight losses. Stocks ended Wednesday sharply higher on the back of positive industrial production and more dovish comments from the Fed’s Yellen. The CBOE Volatility Index (VIX) finished the session significantly lower on the equity rally. The ‘Fear Gauge’ ended the session down 9% and may break the $14 level once again on the downside today. Earnings should set the tone today as there are quite a few Blue Chip companies reporting today.
The Treasury market was steady overnight with the 10-year yield holding around the 2.64% level. Overseas bond markets were narrowly mixed ahead of the long Easter holiday with little news to drive direction although German PPI came in on the soft side. Meanwhile Ukraine tensions are keeping a light bid in bonds. European markets are closed on Easter Monday, as well as Good Friday. Today's U.S. data is light and includes initial jobless claims for the week ended April 12 and the Philly Fed index. Watch for potential selling ahead of the long holiday weekend as many traders may trim winners or positions.
Stock Stories:
Google (GOOGL, GOOG) – Bad, but not that bad – The internet company posts earnings that miss on the top and bottom line numbers after the close yesterday. The company’s profit continues to grow but analyst expectations may have out-run the coverage. The shares were down 7% after the close yesterday but have recovered and are only off 2% in the pre-market.
Morgan Stanley (MS) – Smashed – The investment bank reported positive quarterly EPS and top line revenue this morning. The stock is up 2.5% ahead of the opening bell.
Major Economic Reports:
7:30 am CT– Weekly Jobless Claims
9:00 am CT– Philly Fed Survey
Notable Earnings:
Before Market: ADS, AN, ATHN, BHI, BAX, BLK, CMG, DHR, DD, FITB, GE, GS, HON, MAT, MS, PEP, PM, SLB, SHW, UNP, UNH
After Market: None
Friday - 4/18: None – Markets Closed |
发表于 2014-4-17 08:53
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