ping
NYSE Morning Update:
Ahead of the Bell: Dow futures are trading down 90 points and S&P futures are trading down 9 points following weak economic data from the US and Europe, along with geopolitical events in Asia. The focus will be on the March jobs report this morning, after the jobless claims data showed the number of Americans filing first time claims for unemployment benefits rose to a four-month high. Economists surveyed are forecasting that private employers added 200K jobs last month, while the unemployment rate is expected to remain unchanged at 7.7%. Tensions in the Korean peninsula are rising after North Korea placed intermediate range missiles on its east coast in a move that could threaten Japan, South Korea, or U.S. Pacific bases.
• Other reports on the economic calendar today, International traded for February will be out prior to the opening bell, $-44.8B is expected versus the same reading for the month prior.
• The dollar is up against the major currencies. Gold is trading at $1,554. Crude oil is currently trading at $92 a barrel.
• Yesterday, stocks advanced, despite weaker than expected jobless claims data, after The Bank of Japan said it will double its efforts on its monetary policy and the ECB said it will keep its easy monetary policy accommodative as long as necessary.
• On CNBC today, Tom Friedman, New York Times columnist, talked about geopolitical risks and the markets. Friedman said if you look globally, we need a time out right now between the situation developing in North Korea and its neighbors. He added there are a number of countries around the world on the red lines, including North Korea, Iran, Egypt, and the rest of the Middle East. Friedman believes we have been very lucky with geopolitical events around the world because investors have been focused on the recovery. Friedman pointed out, the key to the North Korean issue is the Chinese; they provide the food and energy. The Chinese are interested in a divided Korea, because what is bad for the US is good for them. Finally, he said at some point, the Chinese will have to step up and be a player in this situation.
Thursday’s Close
DJIA up 55.76 pts/-0.38%/ 14,606.11
S&P up 6.29 pts/+0.40%/ 1,559.98
Nasdaq up 6.38 pts/+0.20%/ 3,224.98
Friday’s Futures
Dow Futures down 90.27 pts/-0.41%
S&P Futures down 9.50 pts/-0.61%
Nasdaq Fut down 18.25 pts/-0.66%
Overseas Markets
FTSE -1.35%
CAC 40 -1.61%
NIKKEI 225 +1.58%
HANG SENG -2.73%
Overseas: World stock markets are lower today. European and Asian markets are down on weak economic data from the euro zone region, and concerns the non-farm payroll data will disappoint.
Economic Reports: Employment Situation expected to be 200K, International Trade expected to be $-44.8B at 8:30 a.m., and Consumer Credit expected to be $15.0B.
Top Headlines:
• Three members of the board of directors of Hewlett Packard (HPQ), including Ray Lane are stepping down from their post, after they were barely elected. The directors were on the board when HP acquired British software company Autonomy Corp, which led to a $8.8 billion writedown.
• Reports indicate Anheuser-Busch InBev NV (BUD) and the DOJ are close to a settlement of a lawsuit seeking to block the brewer’s purchase of Grupo Modelo SAB.
• Reports indicate Blackstone Group (BX) and Michael Dell have yet to tackle a critical issue of agreeing on what role he would play if the private-equity firm wins the bidding for the computer maker.
Commodities/Currency:
Gold: up $1.60 to $1,554.80
Oil: down 0.53 to $92.08
EUR/USD 1.2919 -0.0011
USD/JPY 96.2150 -0.3440
GBP/USD 1.5221 -0.0015
Volatility Index (VIX): As of the close of business Thursday, April 4, the VIX is up 0.88 at 13.58
Companies Reporting Quarterly Earnings:
Penford reports Q2 EPS 10c, vs. Est 14c and Q2 revenue $89M, vs. Est to $86.2M a year ago.
Today’s Opening and Closing Bells:
Grace Institute Visits the NYSE Shari Krull, Executive Director will ring the opening bell.
World Wrestling Entertainment, Inc. will ring the closing bell.
count me in on this ping list please!
Situational awareness BUMP! Thanks to all posters.
