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Pre-market Summary
Early indications are signaling another weak start for stocks. Dow futures are currently -3; Nasdaq futures are currently -0.2; S&P futures are currently -0.3. Click here for support levels for these major indices... A notable pre-market Call today is EBAY being initiated at Soleil with a Sell. The firms says growing competition, escalating demand acquisition costs, incremental marketing costs required to fund the roll-out of eBay Express, and slowing growth in key geographies imply slowing profit growth not yet in ests... In Europe, stocks rose from a four-week low after Credit Suisse Group recommended technology shares, citing earnings growth. In Asia, stocks fell to a five-week low, led by BHP Billiton, Nippon Mining Holdings and PetroChina, on concern copper and crude oil will extend declines amid signs of cooling demand in the U.S., Japan and China... On the Economic calendar, two minor upcoming releases today. The IBD/TIPP Economic Optimism number is out at 10:00 (47.0 consensus) while the ABC Consumer Confidence number is out at 17:00. The Earnings calendar has ENER and PLL reporting after the close, though neither is a market-moving release... The Bond mkt is lower again this morning as inflation chatter from Europe weighed on heavily fixed income products. The 10-yr is currently -02/32 to 4.807%. Note San Francisco Fed Pres. Yellen speaks today on the economy. In Commodities, we mentioned earlier that Copper is gaining in London on speculation that Canada miners may strike. Gold is benefiting from comments made by ECB council member Nicholas Garganas who said economic growth and inflation may prove even stronger than forecast by the bank. Dec Gold is currently +2.70 to $600.00. Note Crude Oil is currently -0.42 to $65.19.
Early indications are signaling another weak start for stocks. Dow futures are currently -3; Nasdaq futures are currently -0.2; S&P futures are currently -0.3. Click here for support levels for these major indices... A notable pre-market Call today is EBAY being initiated at Soleil with a Sell. The firms says growing competition, escalating demand acquisition costs, incremental marketing costs required to fund the roll-out of eBay Express, and slowing growth in key geographies imply slowing profit growth not yet in ests... In Europe, stocks rose from a four-week low after Credit Suisse Group recommended technology shares, citing earnings growth. In Asia, stocks fell to a five-week low, led by BHP Billiton, Nippon Mining Holdings and PetroChina, on concern copper and crude oil will extend declines amid signs of cooling demand in the U.S., Japan and China... On the Economic calendar, two minor upcoming releases today. The IBD/TIPP Economic Optimism number is out at 10:00 (47.0 consensus) while the ABC Consumer Confidence number is out at 17:00. The Earnings calendar has ENER and PLL reporting after the close, though neither is a market-moving release... The Bond mkt is lower again this morning as inflation chatter from Europe weighed on heavily fixed income products. The 10-yr is currently -02/32 to 4.807%. Note San Francisco Fed Pres. Yellen speaks today on the economy. In Commodities, we mentioned earlier that Copper is gaining in London on speculation that Canada miners may strike. Gold is benefiting from comments made by ECB council member Nicholas Garganas who said economic growth and inflation may prove even stronger than forecast by the bank. Dec Gold is currently +2.70 to $600.00. Note Crude Oil is currently -0.42 to $65.19.