U.S. equity futures are pointing to a sharply lower open as the market looks ready to resume its downtrend following yesterday’s bounce. Lower than expected earnings reported by Amazon.com (AMZN) helped push the Nasdaq lower, while the Dow has struggled since the beginning of the year. Volatility fell sharply yesterday as stocks saw a nice recovery throughout the day. The CBOE Volatility Index (VIX) should reverse higher again today if stocks remain in negative territory. The S&P 500 Index (SPX) held $1775 but could test the major support level again in the near-term.
Treasuries are recovering from losses yesterday as the risk-off trade looks to still be in favor. Asian stocks failed to follow Wall Street higher with Japan's Nikkei down in spite of a rise in core CPI and a decline in the unemployment rate. Euro-zone inflation edged down to 0.7% on year in January from 0.8% in December which is below consensus. European shares are lower following Asia and a surprising plunge in German retail sales. There's a lot on the U.S. calendar today with December personal income and consumption(important for GDP estimates), Q4 employment cost index, the January Chicago ISM, and final January consumer sentiment figures from the University of Michigan survey. Fed-speak will be of interest with the Dallas Fed's Fisher on tap.
Stock Stories:
Google (GOOG) –Bad is good – The internet leader posts mixed quarterly results after the close after the close yesterday. EPS was light but top-line Revenue beat analyst expectations. The shares sold off initially on the report but are up over 3% in the pre-market and will hit a new all-time high if they open at current levels.
Amazon.com (AMZN) – Market share isn’t everything – The online retail giant misses badly on earnings last evening. Revenue and EPS were lower than expected on the back of a tough holiday season. Despite the miss and cautious outlook, the company saw multiple analyst raise price targets this morning. Protecting your call may not help the stock today as the shares are off almost 7% ahead of the opening bell..
Major Economic Reports:
7:30 am CT- Personal Income and Outlays
7:30 am CT– Employment Cost Index (ECI)
8:45 am CT – Chicago PMI
8:55 am CT – Consumer Sentiment
Notable Earnings:
Before Market: AON, BAH, CNX, CVX, D, LM, MA, MAT, NOV, SPG, TYC, WY
After Market: None
Monday – 2/3: APC, DNB, GOLD, HIG, HOLX, JMBA, SU, SYY, TTWO, VMC, YUM |
发表于 2014-1-31 09:21
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