MARKET ACCESS CENTER: MORNING REPORT
Ahead of the Bell: Dow futures are trading down 8 points and S&P futures are trading down 2 points. Investors wait for cues from global central banks after the major indices touched all-time highs. According to reports, the European Central Bank is preparing a package of policy options for its June meeting, including cuts in all of its interest rates and targeted measures aimed at boosting growth in the region. Market participants will be looking at the Bank of England for hints on its stimulus measures after Germany's Bundesbank said it is ready to support further easing steps from the ECB next month if they are warranted. China's central bank is urging mainland banks to speed up the granting of home loans, as Beijing pushes forward new economic reforms.
• On the economic calendar today, PPI-FD for April will be out before the market opens and it is forecasted to be 0.2% compared with 0.5% for the month prior. NAHB housing market index for May will publish after the market opens, a reading of 49.0 is expected versus 47 for April.
• The dollar is up against the Japanese yen and the British pound and down against the euro. Gold is trading at $1,308. Crude oil is currently trading at $101 a barrel.
• Yesterday, the major indicies fluctuated, after the Standard & Poor’s 500 Index rose above 1,900 for the first time, while Treasuries advanced on weaker-than-estimated retail sales.
• On CNBC this morning, Brian Belski, Chief Investment Strategist at BMO Capital Markets, talked about the major indices trading at all-time highs. Belski said he has changed his year-end target of 1900 for the S&P 500 as the index has eclipsed that target already. He is looking for the index to be lower by the end of 2014. We have not seen earnings growth to support this recent run up in equities. Market needs a period to digest the economic data. He added there is a tremendous amount of complacency with the Federal Reserve. The biggest surprise this year is the Treasury performing positively and energy is the best performing sectors. His GDP predictions keeps coming down as we embrace problems in China and Europe. Separately, Belski said companies have a lot of cash on their balance sheets as most of the deals are done with cash.
• Have a great day.
Tuesday's Close
DJIA up 19.97 pts/+0.12%/ 16,715.44
S&P up 0.80 pts/+0.04%/ 1,897.45
Nasdaq down 13.69 pts/-0.33%/ 4,130.16
Wednesday's Futures
Dow Futures down 8.00 pts/-0.05%
S&P Futures down 2.25 pts/-0.11%
Nasdaq Futures down 4.75 pts/-0.11%
Overseas Markets
FTSE -0.17%
CAC 40 -0.12%
NIKKEI 225 -0.14%
HANG SENG +1.03%
Top Headlines
• Reports indicate Pfizer Inc. (PFE) is facing calls to extend its commitment to UK jobs and research to at least 10 years, as the company's CEO prepares for a second day of questioning from British lawmakers over its plan to buy AstraZeneca (AZN).
• Reports suggest Chinese authorities have charged the former China head of drugmaker GlaxoSmithKline PLC (GSK) and other colleagues with corruption, after a probe found the firm made billions of yuan from elaborate schemes to bribe doctors and hospitals.
• Reports indicate the Obama administration and regulators are backing off tighter mortgages rules amid concern tight standards could hurt the housing rebound.
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. If you are a stock trader and facing loss from your trading just use automated trading systems for your trading.
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