Stock futures are indicating a lower open following yesterday’s late day sell-off. The market fell following hawkish comments by Fed Chairman Janet Yellen, who indicated that the Fed could begin raising interest rates as soon as six months after its QE program ends. The question was asked and she seemed to stumble to an answer, which was a shorter time frame than many expected. Today investors will be watching economic data for clues about the economy's outlook. The CBOE Volatility Index (VIX) rose 4% after having spent most of yesterday’s session in negative territory. Any further weakness may provide some risk covering ahead of quadruple witching expiration tomorrow.
Treasuries remain slightly lower, still holding a bearish bias in follow-through to the negative reaction to the FOMC yesterday. The 10-year yield is at 2.79%, which is at the top end of its recent range. Global bonds and stocks are also lower in reaction to the U.S. markets yesterday. Trading flows were on the heavy side as the Fed's policy stance and Yellen's comments may continue to reverberate near term. In news overnight, the SNB left its Libor target at 0%, German PPI edged slightly higher and U.K. industrial trends headline inched up but exports were weak. In the U.S. the focus will shift to today's economic calendar which includes the March Philly Fed manufacturing index, weekly initial jobless claims for the week ended March 15, February existing home sales and February leading indicators. Many of the reports are likely to bounce back from weather-induced weakness in the prior month.
Stock Stories:
Disney (DIS) –Really?! – The entertainment giant received more accolades for its recent ‘Frozen’ film. The movie is now its all-time best selling kids movie and the CEO expects it to end up as the all-time box office king. I saw the movie and this has me shaking my head in disbelief as it was only OK as kids movies go...and my son agrees.
Major Economic Reports:
7:30 am CT– Weekly Jobless Claims
9:00 am CT– Philly Fed Survey
9:00 am CT – Existing Home Sales
9:00 am CT – Leading Economic Indicators
9:30 am CT – Natural Gas Inventories
Notable Earnings:
Before Market: CAG, LEN, SCHL
After Market: AAR, NKE, WTSL
Friday – 3/21: DRI, TIF |
发表于 2014-3-20 08:54
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