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Trade the News - U.S. Market Update
U.S. Market Update
Dow -16 NASDAQ +8 S&P -1.7
- A batch of generally strong earnings reports provided a boost to U.S. indices on the open. Apple Inc. handily beat expectations again on the back of strong sales across all of their product lines, which has led to gains in the NASDAQ. Traders also found some reassurance from earnings reports from UPS +1% AXP +1.7% T +1.5% and BNI +3%. The DJ Transports has steadily outperformed since the open helped by strength in freight and rail stocks. Early bargain hunting could also be found in the Oil Service Index as recent price declines attracted some demand. The OIH traded up close to $4 at one point but has retreated some as the Dec crude contract has slipped 1% back towards $85. Shares of Wal-Mart have slide 2% since the mid-morning start of their 2-day analyst meeting fueling a sell-off the has seen equity markets give back much of their early gains. Target is off 1.5% after adjusting lower their Oct SSS outlook range. A disappointing COH -11% earnings report has brought sellers into TIF -6%. A less than stellar TXN -9% earnings report has weighed on the SMH -3% as well. Treasury futures remain marginally lower despite the sell-off in equities. The Benchmark yield is holding near 4. 41% while the 30-year remains at the 4.70% level.
- In currencies calmer markets throughout the globe this session prompted a renewed JPY carry trade recovery as numerous crosses regained levels that were violated last Friday during the NYSE 360 sell-off. FX dealers citing optimism on the technology sector (AAPL earning) offsetting the credit liquidity concerns, at least ahead of Merrill Lynch's schedule earnings release expected on Wednesday. EUR/JPY at 163.50, GBP/JPY at 235.00 and USD/JPY at 114.70 during the mid-NY morning. European currencies were firmer against the USD mainly due to JPY cross position (Buy European, Sell JPY). EUR/USD at 1. 4260, USD/CHF at 1.1720, GBP/USD at 2.0500. CAD continued its firm tone after better-than-expected retail sales data. USD/CAD tested fresh 31-year lows at 0.9625 FX dealers noting that some large bond redemptions to take place over the next few days. French Eurozone bonds coupons and redemptions total around EUR 26.28b maturing on Oct 25. European fixed-income futures were softer partly due to ECB's Weber comments during Asia noting that the current financial crisis "only interrupted" the interest rate cycle. Dec Bunds off 17 ticks at 113.60; Gilts off 26 tick at 107.50 FTSE up 1.25% at 6540, DAX up 0.8% at 7856, CAC higher by 0.9% at 5711.
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