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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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September 1, 2015
10:35 EDTEnergy Action: NYMEX crude is on session lows
Energy Action: NYMEX crude is on session lows of $46.45/bbl, down 5.4% from Monday's settlement. Soft global PMI's, talk of a downgrade in global growth from the IMF, a still over-supplied market (despite slowing U.S. production), and no real signs that OPEC, or any other producer will agree to production cuts, has seen the market second-guess at least some of the contract's spectacular recent rally. Sources are beginning to look for Monday's "gap" to be filled, which would translate into further declines to the $45 level.
10:25 EDTThe U.S. ISM August drop to a 51.1 two-year low
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10:20 EDTFX Action: The dollar fell
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10:15 EDTTreasury Action: yields stalled out again
Treasury Action: yields stalled out again after rebounding with stocks from their opening nadir, following NYSE "Rule 48" being invoked again in terms of drawing out the opening for stocks individually and collectively. The plunge in ISM was partly offset by the uptick in construction, but fit with the slippery slope of global PMIs overnight. Canada's back-to-back negative GDP prints also spawned fresh recession talk. The 2-year yield rebounded from 0.700% session lows to 0.732% before slipping back to 0.710%, while the 10-year yield had bounced from 2.15% to 2.19% before easing below 2.17% again. Treasuries never seemed to fully benefit from the equity slump, amid concerns China could liquidate more Bunds and Bonds pay for plunge protection into Thursday's WWII parade. The FT has pointed out that the bulk of China's holdings are in 5-year and below maturities.
10:10 EDTU.S. construction rose 0.7% in July
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10:10 EDTU.S. ISM manufacturing index fell to 51.1(median 52.7) in August
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10:01 EDTISM Mfg Index data reported
August ISM Mfg Index at 51.1 vs. consensus of 52.8
10:01 EDTConstruction Spending data reported
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10:00 EDTU.S. Markit manfacturing PMI (final) revised up to 53.0
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09:45 EDTU.S. Auto Sales Preview
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09:45 EDTFX Action: USD-JPY has been range bound
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09:44 EDTStocks begin new month with losses
Stock futures were sharply lower throughout the pre-market trading session, leading to a lower open for the broader market. The market is coming off its worst monthly performance since May 2010 and is beginning September with losses of roughly 2%. September is historically the worst performing month for the averages and today's open does not bode well. Investors will be watching reports on construction spending and manufacturing that are due out shortly. Ahead of the domestic data, the Dow is down 325 points, the Nasdaq is down 77 points and the S&P is down 37 points.
09:40 EDTU.S. Manufacturing ISM Preview
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09:40 EDTU.S. Construction Spending Preview
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09:15 EDTEuro$ interest rate futures have perked up
Euro$ interest rate futures have perked up as stocks extended their slide into the open following PMIs toppling around the globe overnight. Fedspeak resumes later as well, but from the dovish camp of Boston's Rosengren. The December 2015 contract is 1.5-ticks higher near 99.535 (0.465% implied 3-month rate) vs lows of 99.515 (0.485%) yesterday, while the deferreds are 2-6.5 ticks firmer out the curve. So far, the stock market swings have been smoothed out and having left a lasting impression on the Fed outlook, but another few days of stock market volatility and any large data miss will collapse expectations for a September hike.
08:55 EDTRedbook Store Sales data reported
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08:45 EDTU.S. equities are back on the defensive
U.S. equities are back on the defensive after China official PMI missed at 49.7 vs 50.0, underscoring growth concerns in the region, followed by lower than expected PMI readings for Europe and the UK. IMF Director Lagard also chimed in that global growth might be weakening again. This spilled over to the Nikkei, which sank 3.8%, while the Shanghai Comp settled 1.2% lower (above opening lows near -4.8%) following last-minute plunge protection and the Euro Stoxx 50 is off 2.5%. The Dow dove 362-points, S&P sank 44-points and NASDAQ nosed 100-points lower ahead of the open. WTI crude also gave back 3% of its stunning rally yesterday to ease back under $48 bbl - knocking Exxon and Chevron lower. Apple fell 2% after announcing plans to move into original content programming, which dragged down Netflix 4% as well. Yahoo tanked 2% after CEO Marissa Mayer confirmed she was pregnant with twins. Up next are ISM, construction and auto sales.
08:45 EDTFX Action: USD-CAD tumbled to 1.3120
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08:15 EDTCanada GDP Preview
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08:05 EDTEnergy Action: NYMEX crude put in its $49.31
Energy Action: NYMEX crude put in its $49.31 one-month high into the N.Y. close on Monday, before falling back to $47.24 Asian lows. The downdraft came on the heels of China's PMI miss, which resulted in another round of hand wringing over the future of China's growth picture, and demand for oil. The contract subsequently put in a $47.03 low in London, before rallying back to $48.85 highs. Sources expect prices to consolidate through the session today, following massive gains which began Thursday. Monday's gains came as the EIA reported slightly softer U.S. June production, but bigger picture, the globe remains oversupplied by upwards of 3 M bpd, which does not say much for the durability of the recent rally. RBOB gasoline prices meanwhile, remain heavy, trading at $1.447/gallon, after topping near $1.50 on Monday. Softer demand has weighed on prices, as inventories remain at relatively high levels. Natural gas futures are up near $2.70/M BTU, up from yesterday's low under $2.65.
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