Wednesday – Incensed to Buy
By Ed Gaynor:
Details of the IMF portion of the deal for Cyprus emerged this morning, and all you need to know is that European shares are lower en masse. In the U.S. a poor showing by the ADP Private Employment forecast has U.S. futures a little uncertain. The recent five-day chart for stocks shows an inclination to rise, which is probably due to the conflicting data reported about Factory Orders yesterday, matching against a weak ISM Index from the day before. There remains an inclination to buy the SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones Industrial Average (NYSE: DIA) and the PowerShares QQQ (Nasdaq: QQQ).
Overseas Markets
The Bank of England (BOE) and the Bank of Japan (BOJ) hold monetary policy meetings Wednesday, but the ECB is inactive. The BOE and BOJ policy statements will be published Thursday morning.
Economic Reports
ADP’s Private Employment Report is set for release in the premarket Wednesday. This first of the week’s monthly employment report parade is expected to show private nonfarm payrolls increased by 205K in March. That would mark deterioration against February’s 246K increase. Remember that ADP’s data point is but an estimate itself of the federal government’s report scheduled for release two days later.
At 10:00 AM ET, look for ISM’s report on the service sector. ISM’s Nonmanufacturing Index is expected to hold steady in March at the 56.0 mark it set in February. Anything above 50 marks economic expansion, so no change is still good news.
We will also get the latest mortgage activity data from the Mortgage Bankers Association in the premarket Wednesday. Last week’s report covering the period ending March 22 showed mortgage applications increased 7.7%. Interest rates fell last week, spurring both purchase and refinance activity.
San Francisco Fed President John Williams speaks on the economy and monetary policy in the U.S. at a Town Hall meeting in Los Angeles.
Look for the EIA’s regular Petroleum Status Report at 10:30 AM ET. Last week’s report covering the week ending March 22 showed crude oil inventory increased by 3.3 million barrels, and remained well above the upper limit of the average range for this time of year. Total motor gasoline decreased by 1.6 million barrels but remained in the middle of the average range.
Commodity Markets (9:00 AM ET)
Corporate Events
In corporate news, Pandora Media (NYSE: P) is having a fireside chat at the Wells Fargo (NYSE: WFC) Tech Transformation Summit. Niska Gas Storage Partners (NYSE: NKA) is having a conference call to discuss its equity restructuring and elimination of subordinate units. PROS Holdings (NYSE: PRO) is having an analysts meeting. The day’s EPS schedule highlights reports from ConAgra Foods (NYSE: CAG), Monsanto (NYSE: MON), Acuity Brands (NYSE: AYI), Harry Winston Diamond (NYSE: DDC), TEAM Inc. (Nasdaq: TISI), China Xiniya Fashion (NYSE: XNY), Conn’s (Nasdaq: CONN), Mitcham Industries (Nasdaq: MIND), OMNOVA Solutions (NYSE: OMN) and Schnitzer Steel Industries (Nasdaq: SCHN).
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Details of the IMF portion of the deal for Cyprus emerged this morning, and all you need to know is that European shares are lower en masse. In the U.S. a poor showing by the ADP Private Employment forecast has U.S. futures a little uncertain. The recent five-day chart for stocks shows an inclination to rise, which is probably due to the conflicting data reported about Factory Orders yesterday, matching against a weak ISM Index from the day before. There remains an inclination to buy the SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones Industrial Average (NYSE: DIA) and the PowerShares QQQ (Nasdaq: QQQ).
Incensed to Buy
Overseas Markets
EUROPE
|
9:00 AM ET
|
ASIA/PACIFIC
|
9:00 AM
|
EURO STOXX 50
|
-0.7%
|
NIKKEI 225
|
+3.0%
|
German DAX
|
-0.2%
|
Hang Seng
|
-0.1%
|
CAC 40
|
-0.5%
|
S&P/ASX 200
|
-0.6%
|
FTSE 100
|
-0.4%
|
Korean KOSPI
|
-0.2%
|
The Bank of England (BOE) and the Bank of Japan (BOJ) hold monetary policy meetings Wednesday, but the ECB is inactive. The BOE and BOJ policy statements will be published Thursday morning.
Economic Reports
ADP’s Private Employment Report is set for release in the premarket Wednesday. This first of the week’s monthly employment report parade is expected to show private nonfarm payrolls increased by 205K in March. That would mark deterioration against February’s 246K increase. Remember that ADP’s data point is but an estimate itself of the federal government’s report scheduled for release two days later.
At 10:00 AM ET, look for ISM’s report on the service sector. ISM’s Nonmanufacturing Index is expected to hold steady in March at the 56.0 mark it set in February. Anything above 50 marks economic expansion, so no change is still good news.
We will also get the latest mortgage activity data from the Mortgage Bankers Association in the premarket Wednesday. Last week’s report covering the period ending March 22 showed mortgage applications increased 7.7%. Interest rates fell last week, spurring both purchase and refinance activity.
San Francisco Fed President John Williams speaks on the economy and monetary policy in the U.S. at a Town Hall meeting in Los Angeles.
Look for the EIA’s regular Petroleum Status Report at 10:30 AM ET. Last week’s report covering the week ending March 22 showed crude oil inventory increased by 3.3 million barrels, and remained well above the upper limit of the average range for this time of year. Total motor gasoline decreased by 1.6 million barrels but remained in the middle of the average range.
Commodity Markets (9:00 AM ET)
WTI Crude
|
-0.6%
|
Brent Crude
|
-0.9%
|
RBOB Gasoline
|
-1.2%
|
NYMEX Natural Gas
|
-0.6%
|
Gold Spot
|
-0.1%
|
Silver Spot
|
Unch.
|
COMEX Copper
|
-0.4%
|
CBOT Corn
|
+0.2%
|
CBOT Wheat
|
+1.1%
|
CBOT Soybeans
|
-0.5%
|
ICE Sugar
|
-0.1%
|
ICE Cocoa
|
-1.9
|
ICE Orange Juice Conc.
|
-2.2%
|
CME Live Cattle
|
+0.1%
|
Corporate Events
In corporate news, Pandora Media (NYSE: P) is having a fireside chat at the Wells Fargo (NYSE: WFC) Tech Transformation Summit. Niska Gas Storage Partners (NYSE: NKA) is having a conference call to discuss its equity restructuring and elimination of subordinate units. PROS Holdings (NYSE: PRO) is having an analysts meeting. The day’s EPS schedule highlights reports from ConAgra Foods (NYSE: CAG), Monsanto (NYSE: MON), Acuity Brands (NYSE: AYI), Harry Winston Diamond (NYSE: DDC), TEAM Inc. (Nasdaq: TISI), China Xiniya Fashion (NYSE: XNY), Conn’s (Nasdaq: CONN), Mitcham Industries (Nasdaq: MIND), OMNOVA Solutions (NYSE: OMN) and Schnitzer Steel Industries (Nasdaq: SCHN).
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Labels: Market-Outlook, Market-Outlook-2013-Q2, Wall-Street-Preview
posted by The Greek | 9:39 AM
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