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News For NOSYMBOL From The Last 14 Days
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September 2, 2015
09:51 EDTStocks rebound at open, averages up 1% in early trading
Stock futures were higher throughout the pre-market trading session, leading to a higher open for the broader market. Bullish investors who believe the U.S. economy will continue to outperform its Chinese counterpart are looking for a decoupling from the Chinese stock market. Investors will also be listening to what the Fed may be thinking when its Beige Book report is released this afternoon. In early trading, the Dow is up 191 points, the Nasdaq is up 51 points and the S&P is up 20 points.
09:45 EDTFX Action: USD-CAD posted an intra day high of 1.3277
FX Action: USD-CAD posted an intra day high of 1.3277 ahead of the North American open, and has since fallen back to 1.3200 lows. A partial reversal of overnight oil price losses has helped the CAD this morning, though corporate bids are reportedly in place at 1.3200 now, up from 1.3100 on Tuesday in the face of yesterday's oil market sell-off. The pairing has since headed back over 1.3235, as oil prices head back under $46. USD-CAD support is seen into the 20-day moving average at 1.3150, with resistance at 1.3280-1.3300, where option backed sellers are rumored.
09:40 EDTU.S. Factory Goods Preview
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09:05 EDTU.S. equities are on firmer ground
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08:50 EDTThe big but expected Q2 U.S. productivity boost to 3.3% growth
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08:45 EDTFutures remain higher following economic reports
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08:45 EDTTreasury Action: yields backed up again
Treasury Action: yields backed up again following the firm productivity reading, which could influence Q2 GDP, with stocks still holding their own ahead of the open. The T-note returned to a perch over 2.17% from 2.15% lows earlier, while the cash bond backed up over 2.93% from the 2.90% area. The 2s-10s spread steepened out to +145 bp.
08:45 EDTFX Action: The dollar revealed little reaction
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08:30 EDTThe 190k August ADP rise
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08:30 EDTU.S. Productivity Preview
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08:30 EDTFX Action: The dollar dipped slightly
FX Action: The dollar dipped slightly, then bounced following the ADP jobs data, which was just a touch light of expectations. ER-USD bounced to 1.1270, then reverted to 1.1250, as USD-JPY fell into 120.00 before heading back to 120.15. Equity futures held their gains, as yields edged a bit lower.
08:25 EDTADP Employment Report employment data reported
August ADP Employment Report employment at 190,000 vs. consensus of 210,000
08:25 EDTThe August ADP employment survey revealed a 190k increase
The August ADP employment survey revealed a 190k increase in non-farm, private sector employment in August (median 195k) versus the 177k increase in July (revised from 185k). The data were a touch light of expectations, though likely close enough to keep reaction relatively limited. By sector, goods producing jobs rose 17k, construction was up 17k, as manufacturing rose 7k, and services jobs were up 173k.
08:25 EDTTreasury Action: yields spilled lower
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08:15 EDTBond guru Bill Gross of Janus Capital said the Fed
Bond guru Bill Gross of Janus Capital said the Fed may have missed its window of opportunity to hike in early 2015, in a Reuters interview, warning that the Fed cannot approach a neutral 2% level without spooking the markets further. After the super-size August adjustment in global stocks, this is one sign "that something may be amiss in the global economy itself." If the Fed does hike later this month the language will need to be careful and a "one and done" signal represents an increasing possibility. One guru's opinion, though the efficacy of rate lift-off for lift-off's sake makes little sense if the goal is to have room to cut later should markets get jittery.
08:05 EDTU.S. ADP employment survey preview:
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08:03 EDTCurrencyShares Australian Dollar Trust volatility increases on pullback
CurrencyShares Australian Dollar Trust September call option implied volatility is at 16, October is at 15; compared to its 52-week range of 7 to 17, suggesting large near term price movement.
07:55 EDTU.S. MBA mortgage market index surged 11.3%
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07:45 EDTTreasury Opening Outlook (Sep 2):
Treasury Opening Outlook (Sep 2): Relative equanimity returning to the stock market overnight left Treasury movement muted, with yields rebounding from lows slightly at the short-end but flattening along the curve paced by the bond. The 2-year yield again rebounded from 0.700% to clear 0.710%, but the 10-year stalled at 2.17% and eased back to 2.15% and the cash bond fell nearly 3 bp to 2.90%. Chinese officials appear to have won the battle with investors for now with a 0.2% loss on the Shanghai Comp, while U.S. equity futures are sporting gains ahead of the open. Today's calendar reveals the August ADP employment survey, forecast to rise 195k, which will begin the handicapping process in earnest for Friday's key official U.S. employment report. Q2 productivity is on deck as well, seen revised up to 3.5% from 1.3%. July factory orders should climb 1.2%, and weekly EIA petroleum inventory data is due. Incoming data between now and the September meeting will be watched closely, especially should market volatility continue, as markets attempt to determine the odds for a rate hike.
07:40 EDTEnergy Action: NYMEX crude futures extended their losses
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