Stock futures (/ES) are slightly higher in the pre-market as the Bulls try to extend yesterday’s modest gains. Earnings season kicked off last night, as Alcoa (AA) beat Wall Street estimates, soothing anxious investors who were concerned about earnings. Bulls will get little additional help today, as economic data due is light. The CBOE Volatility Index was down 4% yesterday and should continue lower if stocks remain in positive territory. Investors should be wary as recent rallies have been sold off quickly as market participants realign their portfolios. Even with the negative tone in the market recently, volatility remains at low levels heading into earnings season.
Treasury yields edged higher overnight, in spillover from losses in European sovereigns. The 10-year yield, which rose to 2.70%, has closed lower for the past four sessions since topping out at 2.80% on April 2nd. Equities are mostly higher overseas with the exception of Japan's Nikkei which has been hurt by the stronger yen and worries the Bank of Japan might not be easing further down the road. Traders are now looking forward to the FOMC Minutes (1:00 pm CT) and any sign of hawkishness from the Committee at the March meeting after Yellen's "6-month" remark on the start of rate hikes. Also, more supply looms with the Treasury's $21 B 10-year note reopening after a successful 3-year sale yesterday. Data today includes only February wholesale trade. The MBA reported mortgage applications fell 1.6%. There will also be Fed-speak after the close from Evans and Tarullo.
Stock Stories:
Ford (F) – Tin Can – The Ford Focus was the world's top selling car last year, according to data. The company will release its next generation electric Focus next week as it looks to extend its sales. The recent recall by its rival General Motors (GM) is also helping out the auto-maker.
Major Economic Reports:
6:30 am CT –MBA Purchase Applications – down 1.6% for week
9:00 am CT – Wholesale Inventories
9:30 am CT – Oil Inventories
12:00 pm CT –10-year Note Auction Results
1:00 pm CT – FOMC Minutes Release
6:00 pm CT – FOMC Member Tarullo speaks
Notable Earnings:
Before Market: PGR, STZ
After Market: BBBY, RT
Thursday – 4/10: FDO, NQ, PIR, TITN |
发表于 2014-4-9 08:42
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