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NYSE Morning Update 04/09/2014

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Ahead of the Bell: Dow futures are trading up 24 points and S&P futures are trading up 2 points.  Investors’ appetite for emerging market risk appear to outweigh escalating tensions in the Ukraine and tempered expectations of a new bond-buying program by the European Central Bank. Speculation that China could be readying new stimulus measures has helped pushed emerging markets to a 6-month high, largely ignoring geopolitical events in the Ukraine. The International Monetary Fund forecast that the global recovery would strengthen this year and in 2015 as output from developing nations pick up. Alcoa reported first quarter earnings after the closing bell on Tuesday and the Aluminum maker beat analysts’ expectations.


 



  • On the economic calendartoday, February wholesale trade data will be released after the market opens and a 0.6% increase is expected, unchanged from January.

  • The dollar is up against the British pound and down against the euro and the Japanese yen. Gold is trading at $1,304. Crude oil is currently trading at $102 a barrel.

  • Yesterday, stocks rose, snapping a three-day losing streak as investors bought beaten-down social media and Internet shares.

  • On CNBC this morning, Barry Sternlicht, Chairman & Chief Executive Officer of Starwood Capital Group, talked about the strength of the economy.  Sternlicht said the economy is not bad, its ok and we will be fine, but we will not see 3% growth this year.  The construction business on both coasts of the country are on the rebound.  According to Sternlicht, the weather changed everything and emerging markets are still struggling.  He added, investors are nervous that the Federal Reserve will increase asset purchases on its bond-buying program.  The Fed needs to get out of quantitative easing.  Finally, Sternlicht said the stock market is not overheated as there are pockets of opportunities and we could see about 10% gain in equities in 2014.

  • Have a great day!

Tuesday’s Close


DJIA up 10.27 pts/+0.06%/ 16,256.14


S&P up 6.92 pts/+0.38%/ 1,851.96


Nasdaq up 33.23 pts/+0.81%/ 4,112.99


 


Wednesday’s Futures


Dow Futures up 24.00 pts/+0.09%


S&P Futures up 2.25 pts/+0.15%


Nasdaq Futures up 6.75 pts/+0.06%


 


Overseas Markets


FTSE +0.73%


CAC 40 +0.37%


NIKKEI 225 -2.10%


HANG SENG +1.09%


 


Overseas:  Global stock markets are mixed today.  European markets are mixed on escalating tensions in Ukraine and delayed expectations of new stimulus measures by the ECB. Asian markets are up on hopes China will pump more liquidity into its monetary system.


 


Economic Reports: Wholesale Trade (+0.6% expected) at 10:00 a.m.


 


Top Headlines:    



  • Comcast Corporation (CMCSA) and Time Warner Cable Inc (TWC) are expected to defend their plan to merge as they go before the Senate Judiciary Committee today, the first hearing since the $45.2-billion merger was announced.

  • Reports indicate Cerberus Capital has pulled out of the IPO for Japanese railway and property conglomerate Seibu Holdings after the company slashed the estimated price and size of its offering by as much as a third as confidence in the economy wavers.

  • Reports indicate Toyota Motor Company (TM) is recalling 6.4 million vehicles worldwide, in another blow to the world's largest auto maker's reputation for quality control. 

 


Commodities/Currency:


Gold:up $4.40 to $1,304.60
Oil:up $0.20 to $102.29

EUR/USD 1.3799 +0.0005
USD/JPY 102.0330 +0.1820
GBP/USD 1.6743 -0.0005


 


Volatility Index (VIX): As of the close of business Tuesday, April 8, 2014 the VIX is up 0.68 at 14.89.


Companies Reporting Quarterly Earnings:


 


MSC Industrial reports Q2 adj EPS 87c, vs. Est 85c and Q2 revenue $661.5M, vs. Est $664.62M


 


Alcoa reports Q1 adj EPS 9c, vs. Est 5c and Q1 revenue $5.5B, vs. Est $5.55B.


Today’s Opening and Closing Bells:  


La Quinta Holdings Inc. (LQ) will visit the New York Stock Exchange (NYSE) to celebrate their IPO. To mark the occasion President & CEO, Wayne Goldberg, will ring the Opening Bell.


 


Taylor Morrison Visits the New York Stock Exchange. Sheryl Palmer, President and CEO of Taylor Morrison, to Ring The Closing Bell


 


For daily market recaps, check out our End of Day Report every evening!


End of Day Report


 


 


 


 


 


Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


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