Stock Futures are flat ahead of busy day of economic data and the ECB's decision to keep interest rates unchanged. Yesterday saw more gains for stocks during a relatively light session. The S&P 500 (SPX) set another record high which dragged the other major indices into positive territory. Despite the continued rally, we did see some major stocks in the red as sector rotation continues. The CBOE Volatility Index (VIX) finished Wednesday’s session flat as equities tried to fail but the Bulls quickly took charge once again. Volatility should remain low in the near-term unless we see a catalyst to send stocks down. Economic confidence and data is improving but the upcoming earnings season is the key to further upside in equities.
Treasuries are relatively flat after falling sharply over the last few sessions. The 10-year yield broke through the 2.8% level yesterday which had been a recent resistance level. As in Asia, shares in Europe were mixed ahead of an ECB policy announcement. There are some hopes that it could take easing measures to ensure that the euro-zone doesn't slip into deflation. We should get more clarity on stimulus from the ECB at their press conference this morning. Focus now will be on supporting recent gains and the upcoming jobs report tomorrow morning.
Stock Stories:
Google (GOOG) –Control – Investors are receiving one new non-voting C share (GOOG) for each existing A share (GOOGL) in a stock split that will provide Google with more "currency" for acquisitions. The non-voting ‘C’ shares will allow the founders to control a majority of the voting rights going forward.
Major Economic Reports:
7:30 am CT– Weekly Jobless Claims
7:30 am CT– International Trade
8:45 am CT – PMI Services Index
9:00 am CT – ISM Non-Mfg. Index
9:30 am CT – Natural Gas Inventories
Notable Earnings:
Before Market: RPM, SCHN
After Market: GPN, MU
Friday – 4/4: CSUN, KMX |
发表于 2014-4-3 08:51
|