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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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July 15, 2014
10:50 EDTA direct question on first rate hike: she gave no definitive answer
A direct question on first rate hike: she gave no definitive answer, of course. She referred to the Fed "dots" and said they show nearly all FOMC participants expect the first rate hike to come sometime in 2015. Again she said there is "no formula or mechanical...it will depend on the progress of the economy and how analysts assess it based on a variety of indicators." On how the FOMC will exit from its accommodative stance, she did say the Committee hasn't yet decided on a strategy. But as was noted in the June FOMC Minutes, IOER is likely to be the central tool used, rather than draining reserves via overnight rps.
10:45 EDTToday's U.S. reports
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10:35 EDTFed Policy Outlook: there wasn't anything new to take away
Fed Policy Outlook: there wasn't anything new to take away from Yellen's testimony, as it mostly echoed prior FOMC statements/minutes, and her June press conference. The markets are consequently little changed. QE is likely to be completed with the October 28, 29 meeting. Rate lift-off will be forthcoming sometime after that, but when is still an unknown. The first rate hike could occur sooner than currently envisioned (analysts're forecasting Q2) if the Fed meets its goals sooner than policymakers foresee, or rates could remain more accommodative for longer if the economy disappoints.
10:34 EDTPresident Obama to speak on the economy
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10:25 EDTMore from Yellen on financial stability:
More from Yellen on financial stability: she again addressed the potential that the Fed's low rate stance may be incentivizing investors to "reach for yield," which could in turn "increase vulnerabilities to the financial system to adverse events." Interestingly, while she repeated that prices of real estate, equities and corporate bonds have "risen appreciably and valuation metrics have increased, they remain generally in line with historical norms," she added that "in some sectors, such as lower-rated corporate debt, valuations appear stretched." That seems to have knocked some of the stuffing out of stocks.
10:25 EDTThe 0.5% May U.S. business inventory rise
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10:25 EDTYellen fired a shot across the bows of exuberance
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10:25 EDTFX Action: The dollar turned broadly lower
FX Action: The dollar turned broadly lower on the back of slippage in U.S. yields, and at first glance, a dovish FX market take on Yellen's prepared statements, where conditions continue to warrant ongoing accommodation. EUR-USD, which had been flirting with London lows under 1.3590, popped back over 1.3610, while interest rate sensitive USD-JPY posted intra day lows of 101.44, after peaking at 101.65 earlier. The pound and CAD also printed intra day highs.
10:20 EDTU.S. business inventories rose 0.5%
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10:20 EDTTreasury Action: yields plunged with the fresh BES turmoil
Treasury Action: yields plunged with the fresh BES turmoil after the Portuguese bank's holding company appeared likely to file for protection. That sent the T-note yield lower from 2.56% session highs (after firm Empire) to lows of 2.52% in sympathy with Bunds. But Yellen's shot across the bows of the markets in terms of sooner and more rapid rate hikes if the jobs sector improves more quickly has helped put a floor under yields and the T-note migrated back over 2.53% again. The 2s-10s spread is stuck at +208 bp.
10:17 EDTYellen says valuation metrics 'generally in line with historical norms'
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10:15 EDTFed Chair Yellen reiterated significant slack remains in the system
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10:02 EDTCenter for Security to hold a luncheon symposium
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10:00 EDTBusiness Inventories data reported
May Business Inventories up 0.5% for the month
09:55 EDTU.S. Business Inventories Preview:
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09:45 EDTThe U.S. trade price report
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09:44 EDTEarnings, economic data lift averages at open
Stock future improved during the pre-market trading session, leading to a higher open for the broader market. The futures were helped by better than expected earnings reports from JP Morgan (JPM), Goldman Sachs (GS), and Johnson & Johnson (JNJ), as well as the best Empire Manufacturing reading in more than 4 years. Early in trading the Dow has set a new all-time high and S&P is near its all-time high. About 15 minutes after the opening bell, the Dow is up 52 points, the Nasdaq is up 9 points and the S&P is up 5 points.
09:30 EDTThe 0.2% June retail sales headline gain
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09:25 EDTU.S. import prices rose 0.1% in June, with export prices slipping 0.4%
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09:25 EDTTreasury Option Action: fairly quiet trade
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