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Stock Market & Financial Investment News

News Breaks
December 18, 2012
14:08 EDTCliff optimism drives market to highest levels since October
Each of the major equity indices is within striking distance of session highs and the best levels seen since October. The Nasdaq is the biggest winner, up more than 1.2%. Advancing stocks are well ahead of declining stocks, while up volume is outpacing down volume by about 3:1 on the Nasdaq and by 4:1 on the NYSE. Crude oil prices are higher by 0.8% and gold is lower by 2.0%. The Dow is up 110 points, the Nasdaq is up 39 points and the S&P is up 14 points.
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April 23, 2014
16:13 EDTWeek of 5/2 EIA Petroleum Status Report to be released at 10:30
16:13 EDT Productivity and Costs to be released at 08:30
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15:30 EDTU.S. Durable Goods Preview
U.S. Durable Goods Preview: March durable goods data will be released on Thursday and analysts expect headline orders to increase 3.0% (median 1.9%) with shipments up 2.0% and inventories up 0.7% for the month. The report should benefit from a lift in the transport component as Boeing orders for the month jumped to 163 from 74 last month.
15:15 EDTTreasury Closing Summary:
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14:30 EDTU.S. earnings reports will be hot and heavy Thursday
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14:04 EDTAverages linger in negative territory
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13:50 EDTU.S. corporate bond update: corporate have had no difficulty competing
U.S. corporate bond update: corporate have had no difficulty competing with the government for investor cash. IADB sold $2 B in 3-year notes at mid-swaps -3 bps. Morgan Stanley launched a $3 B 10-year deal at +130 bps. Woori Bank is offering $1 B in 10-year notes. KFW sold a $1 B 18-month FRN. CNOOC Nexen Finance has a 3-part offering including 3-, 10- and 30-year paper. Mubadala sold $750 M in 8-year notes at +120 bps. PNC launched a $750 M 10-year at +125 bps. Kommunalbanken is selling $500 M in 5-year FRNs.
13:20 EDTTreasury Action: yields backed up from lows
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13:15 EDTTreasury 5-year auction results were rather average
Treasury 5-year auction results were rather average. The auction tailed slightly to 1.732% versus 1.725% at the bid deadline. It's the highest award rate since May 2011. Bids totaled $97.5 for a 2.79 cover, below the 2.99 in March and 2.98 in February, but better than the 2.65 average over the past 12 auctions. Indirect bidders took 44.9% versus 50.9% last month and a 45.6% average. Direct bidders were awarded 18.6% compared to 23.1% previously, and primary dealers were awarded 36.5% versus 25.9% previously.
13:10 EDTGoldman reportedly cut its U.S. Q1 GDP forecast to 1.4%
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12:45 EDTTreasury 5-year auction preview:
Treasury 5-year auction preview: the auction should go well, but there are some doubters among our contacts given various pros and cons for the sale. Supports include the cheapness in the note, both outright and on the curve. The wi trades at 1.725%, which could be the highest stop since May 2011. Versus the 30-year, the spread has narrowed to 178 bps amid 5-year underperformance from 207 bps just before the March 20 FOMC. On the other hand, there's been no concession today and that could hurt at the margin. The Fed is expected to keep rates low for a long time, but QE asset purchases should continue to be trimmed. While the most recent two auctions produced strong results, the historical trend is weak. Also, the weaker dollar could support solid overseas demand. Additionally, there's speculation the debt managers will start cutting auction volumes given the improvement in the budget outlook. The March auction saw A+ results, stopping at 1.715% and garnering a 2.99 cover (2.65 average) and a 50.9% indirect bid (45.6% average). Direct bidders took 23.1% versus 9.2%, previously, while primary dealers took 25.9%.
12:39 EDTWeek of 5/2 MBA Purchase Applications to be released at 07:00
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12:00 EDTFX Action: USD-JPY has been steady
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11:55 EDTU.S. equities extended their slide
U.S. equities extended their slide led by the tech sector again ahead of key tech earnings after the close from Apple, Facebook, etc., following the disappointing housing sector report. NASDAQ is about 0.5% lower, while the blue chips are sporting losses of about half of that and European share losses have deepened with the Euro Stoxx 50 off 0.7%. USD-JPY is confirming the slide with a dip to 102.15 session lows, with one wag noticing that this coincided with Justin Bieber's visit to the Japan war shrine, which ticked off a billion of his fans. Earlier Russia confirmed military drills in the southwest Rostov region across the border from the Ukraine, yet gold is holding above session lows of $1,281.30.
11:15 EDTNY Fed bought $2.284 B in notes
NY Fed bought $2.284 B in notes dated from May 15, 2021 through February 15, 2024. The Street offered $9.99 B. The buyback is adding support to the gains in Treasuries, though the 5-year sector is outperforming, even with the advent of the 5-year auction this afternoon. The benchmark 7-year yield is down 2.5 bps to 2.267%, while the 10-year has fallen 2 bps to 2.69%.
11:05 EDTEuro$ interest rate futures perked up
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10:40 EDTThe 14.5% March U.S. new home sales plunge
The 14.5% March U.S. new home sales plunge to an anemic 384k rate was mitigated only slightly by upward prior bumps to rates of 449k (was 440k) in February and 470k (was 455k) in January that left a surprisingly weak report overall, though the median price soared to a $290,000 all-time high. Sales succeeded in undershooting already-low expectations in the face of bad weather, harsh financing conditions, and restrained confidence, and the new home sales shortfall fueled a inventory pop to a 193k three-year high. The shift in sales toward higher priced homes alongside remarkable ongoing weakness in the weekly MBA purchase index, which fell 2.6% in the most recent week, reinforces the view that the housing market remains in disrepair for all but cash purchasers -- who tend to be wealthy buyers with sellable assets or access to nonmortgage credit. Analysts expect a climb in the new home sales rate to a restrained 450k in Q2, from rates of 434k in Q1, 446k (was 447k) in Q4, and 388k in Q3. Sales should presumably soon climb above the 458k cycle-high from January of 2013, though improvement is proving painfully slow.
10:30 EDTCrude Inventories for the week of April 18
Crude oil inventories 3.5M build vs. consensus of 3.0M build. Gasoline inventories 274K draw vs. consensus of 1.65M draw. Distillates 597K build vs. consensus of 300K draw.
10:30 EDTNY Fed outright purchase: Fed is buying $2.0 B to $2.5 B in notes
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10:20 EDTTreasury Action: yields tripped lower
Treasury Action: yields tripped lower following the big miss in Mar new home sales, which surprised even the most jaded housing sector analysts. It was even hard to pin the dive on the vortex effects, with regional sales down double digits everywhere but the northeast. Affordability remains an issue with a record median sales price of $290k up 12.6% from a year-ago. The T-note yield slipped back below 2.70% in a relatively shallow move considering the scale of the data miss, with some lingering skepticism about the cause or wariness of 5-year supply just ahead. Yet stocks and the dollar are having no trouble taking the weak data a face value.
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