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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 28, 2016
10:30 EDTEIA natural gas storage change for week ending January 22
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10:20 EDTTreasury Action: yields flung back and forth
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10:01 EDTPending Home Sales Index data reported
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10:00 EDTEuro$ interest rate futures are quite twitchy
Euro$ interest rate futures are quite twitchy as the mixed signals from the Fed (global developments reintroduced) spread around the globe and back again, with the rate contracts higher with global stock losses, then lower as the U.S. and crude oil rebounded on reconstituted Russia-OPEC reports. That's left the futures quite choppy, with the March 2016 contract a tick higher near 99.355 (0.645% implied 3-month rate), compared to 99.315 (0.685%) ahead of the Fed decision. The deferreds range from +1 up front to -4.5 ticks out the curve.
09:50 EDTU.S. pending home sales preview:
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09:47 EDTBloomberg Consumer Comfort Index Level data reported
Week of 1/24 Bloomberg Consumer Comfort Index Level at 44.6
09:45 EDTFed funds futures are slightly higher after the awful durable goods report
Fed funds futures are slightly higher after the awful durable goods report. The rally is notching down implied rates slightly to reflect further erosion in rate hike estimates. Even though yesterday's policy statement left the door open for another rate hike, the markets are pricing out a move in March, and this morning's durable goods data added to that belief. The April implied rate has dipped to 0.40%, which is essentially on top of the 0.375% midpoint of the current range. Indeed, the futures market is showing the Fed on hold through the first half of the year. And instead of four 25 bp hikes this year, implied rates are only pointing to one, to be engineered in the later half of 2016.
09:43 EDTEarnings and oil lift market at open
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09:40 EDTThe disastrous U.S. durable orders report
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09:35 EDTEnergy Action: NYMEX crude has spiked
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09:05 EDTThe 16k U.S. initial claims drop to 278k
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09:05 EDTU.S. equities are marginally higher
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09:05 EDTEnergy Action: NYMEX crude printed three-week highs
Energy Action: NYMEX crude printed three-week highs of $32.92/bbl, as the market continues to hold out hope for some sort of production cut agreement between OPEC and Russia. The lack of concrete news on the subject however, could end in tears for oil bulls, as fundamentals remain bearish, with supply continuing to overrun demand. The next upside target comes in at $33.20, the January 11 peak, with support now seen at $32.00. RBOB gasoline futures are up 4 cents/gallon at $1.0880. The February contract expires at the close today, leaving March as front-month, which is currently trading at $1.123.
08:50 EDTFX Action: The dollar fell
FX Action: The dollar fell against the euro and yen following the very weak durables report, which was perhaps offset some by the dip in weekly jobless claims. EUR-USD rallied to seven-session highs of 1.0928 from near 1.0910, as USD-JPY fell from 118.85 toward 118.70. Equity futures pared back their gains, as yields stumbled.
08:45 EDTU.S. durable goods orders dropped 5.1% in December
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08:45 EDTTreasury Action: yields took a fresh dive
Treasury Action: yields took a fresh dive following the slump in durable goods orders and jobless claims. It would be hard to imagine that the 5.1% drop in volatile durables wasn't compounded by Boeing-style orders issues, which the -1.2% ex-transport reading seems to confirm, while drop in claims was close to expectations. The 2-year yield declined further after veering from 0.90% into the Fed yesterday, easing to 0.82%, while the T-note yield gapped under 1.99% from the 2.01% area. That's left the 2s-10s spread near +116 bp. Stocks are in shallow positive territory.
08:42 EDTFutures mixed ahead of open
Stock futures have traded on both sides of the flat line this morning and are mixed with less than an hour to go until the opening bell. Amid the multitude of earnings reports this morning, some economic data was just released as well. Initial jobless claims were 278K last week, versus the expected 281K, while continuing claims were 2.26M, versus the expected 2.21M. Durable goods orders were down 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. In early pre-market trading, Dow futures are 13 points below fair value, Nasdaq futures are 29 points above fair value and S&P futures are 1 point above fair value.
08:40 EDTU.S. initial jobless claims fell 16k to 278k in the week ended January 23
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08:37 EDTJobless Claims data reported
Week of 1/23 Jobless Claims at 278K vs. consensus of 285K
08:20 EDTU.S. initial jobless claims preview:
U.S. initial jobless claims preview: jobless claims are expected to sink 13k to 280k (median 280k) in the week-ended January 23. Continuing claims are expected to fall to 2,195k for the week-ended January 16. Forecast risk is upward for claims as layoffs from holiday hiring could boost them. preview.
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