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News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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April 23, 2014
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.
10:15 EDTFX Action: The dollar suffered some
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10:10 EDTU.S. new home sales dropped 14.5% to 384k in March
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10:01 EDTNew Home Sales data reported
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09:55 EDTU.S. Markit flash PMI was little changed at 55.4 in April
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09:55 EDTFX Action: The FX market shrugged off
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09:40 EDTMarket has quiet, slightly lower open
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09:35 EDTU.S. New Home Sales Preview
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09:05 EDTFed Policy Outlook: the FOMC announcement is a week away
Fed Policy Outlook: the FOMC announcement is a week away and no major policy changes are expected. Another $10 B cut in QE asset purchases to $45 B is widely expected, along with an steady rate stance. That outlook has been supported by the WSJ's Hilsenrath, who noted in an article yesterday that the "Fed Looks to Stick to Policy Path." After policymakers scrapped the Evans Rule 6.5% unemployment rate threshold at last month's meeting, analysts don't expect any major tweaks to forward guidance. Probably the most interest in the policy statement will be what's said about inflation as the low rate remains a major frustration and perhaps an increasing concern according to some recent Fedspeak. Meanwhile, look for a little more optimism on growth after the slowing over the turn of the year amid adverse weather conditions. However, some of the most recent data suggest slowing in the housing market, which could be do to financial constraints.
08:40 EDTFX Action: USD-CAD rallied 20 points
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08:25 EDTFed funds opened at 0.08%
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08:25 EDTFX Action: USD-CAD is a touch softer
FX Action: USD-CAD is a touch softer in early North American dealings, slipping under 1.1020 from London highs of 1.1047. Bids are reportedly in place at 1.1000, with offers at 1.1050, which may keep the pairing contained for now. Canadian retail sales data at 8:30 EDT will be the first test of the CAD's recent narrow trading range.
08:20 EDTFed funds opened at 0.08%
Fed funds opened at 0.08%. The rate ranged from 0.05% to 0.375% yesterday with a 0.10% effective. Interbank offered rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.08980% after rising to 0.09150% yesterday. The 1-week rate increased to 0.12130% from 0.11925%. The 3-month rate edged up to 0.22875% from 0.22860%. And the 12-month rate was flat at 0.54830%. In the repo market, it's the 5-year note that remains the most special at -0.35% ahead of today's auction.
08:00 EDTOil Action
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