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TradeTheNews.com US Market Update: Equity Correction on Hold in Mid-Morning US Trading
Tue, 08 Apr 2014 11:09 AM EST
- (EU) OECD Feb leading indicators: 100.7 v 100.7 prior
- (CL) Chile Mar CPI M/M: 0.8% v 0.7%e; Y/Y: 3.5% v 3.3%e; CPI Core M/M: 0.7% v
- (US) Mar NFIB Small Business Optimism: 93.4 v 92.5e
- (US) ICSC Chain Store Sales w/e Apr 5th: w/w +1.5%; y/y: +1.5%
- (CA) Canada Mar Housing Starts: 156.8K v 190.0Ke
- (CA) Canada Feb Building Permits M/M: -11.6% v -2.6%e
- (US) Redbook Retail Sales w/e Apr 5th +2.9% y/y, Mar MTD: -0.5% m/m, Mar MTD
- (MX) Mexico Jan Gross Fixed Investment: -2.4% v -1.2%e
- (UK) Mar NIESR GDP Estimate: 0.9% v 0.8% prior
- (US) Feb JOLTs Job Openings: 4.17M v 4.02Me
- The correction continued overnight in
Japanese and European markets, and US equities dipped lower in the first hour
of trade this morning. Along with the slide in equities, the VIX volatility
index has picked up, touching 16 yesterday and briefly trading above 16 today.
Note that both the Hong Kong and Shanghai markets beat against the prevailing
headwinds on continued government stimulus chatter. As of writing, US indices have bounced higher off their lows, with
the DJIA up 0.20%, the S&P500 up 0.11% and the Nasdaq up 0.78%.
- The greenback lost ground against
most major currencies overnight, closing in on some key levels against several
of the major pairs. Spot gold continues to crep higher, up 0.8% today.
Key USD/JPY support is seen around 102.10 while GBP/USD resistance is near the
approach to 1.6750. Meanwhile, key emerging market currencies were hitting
fresh 2014 highs against the dollar, including both the South African Rand and
- Companies continue to issue profit warnings ahead of earnings season, which
gets going today after the close with Alcoa. Brunswick Corp warned that its first quarter results would likely miss
consensus expectations, primarily due to harsh weather trends that have
adversely affected demand in its Marine and Bowling & Billiards segments.
BC is down 2.3%. With its monthly metrics, American Airlines warned that
weather-related cancellations reduced first quarter revenue by approximately
$115 million and reduced first quarter operating profit by approximately $60
million. AAL is down 4%.
- ADRs of Nokia are trading up nearly
6% after China approved the planned sale of substantially all of Nokia's
Devices & Services business to Microsoft.
- US coal miner James River Coal on Monday filed for Chapter 11 bankruptcy
protection after it had been grappling with weak coal prices for months. The
company is implementing a comprehensive turnaround plan aimed at addressing its
challenges in the changing coal mining industry. Note that other coal names are
very strong this morning, with ANR up as much as 8.5%, WLT peaking up nearly 8%
and BTU up 4%.
- Small tech name LivePerson disclosed that the firm's VP Global sales and
markets had resigned earlier in April, giving no reason for the move, and also
reaffirmed its first quarter and full-year guidance. Shares of the firm
plummeted after the report and are down -6% as of writing.
- Cult fuel cell stock Plug Power
gained about 5% in the premarket after the CEO said the company was planning to
move into fuel-cell trucks. He clarified that forklifts were a stable
starting point for the company but that lifts were "never meant to be the
end-all market." PLUG is well off its highs.
- 11:30 (US) Treasury to sell $25B in 4-Week Bills
- 11:45 (CA) Canada Min Rickford speaks at Economic Club
- 12:00 (US) DOE Short-Term Crude
- 12:30 (DE) ECB's Weidmann (Germany)
speaks in Berlin
- 13:30 (US) Fed's Kocherlakota to
speak in Rochester, MN
- 13:00 (US) Treasury to sell $30B in 3-Year Notes
- 14:45 (US) Fed's Plosser on bank
regulation in Philadelphia
- 16:30 (US) Weekly API Oil Inventories
- (PE) Peru Feb Trade Balance: +$129Me v -$740M prior
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