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January 2, 2013
08:15 EDTDecember Producer Price Index to be released at 08:30
News For NOSYMBOL From The Last 14 Days
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July 9, 2014
10:10 EDTTreasury Action: yields are holding below highs
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09:45 EDTU.S. equities opened higher
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09:38 EDTMarket opens higher in bid to break losing streak
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09:35 EDTEuro$ interest rate futures are back on the defensive
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09:30 EDTTreasury 10-year auction outlook
Treasury 10-year auction outlook: this auction could be tricky and difficult after a rather average 3-year offering yesterday. Pricing is also intriguing. There's been a little concession building in the market with the wi up 1 bp to 2.575%, having ranged from 2.67% to 2.55%. That's still on the rich side and would be the lowest award rate since June 2013. The note is also rich on the curve with the 2s-10s spread having narrowed to 205 bps, the lowest since June 2013. But, compared to EU sovereigns, the note is cheap, trading at a 15 year wide to Bunds. Geopolitical concerns should also be supportive for the auction. On the other hand, 10-year auctions that coincide with Fed events have tended to tail and see below average bid covers. The June auction stopped at 2.648% and garnered a 2.88 cover (2.68 average) and a 36.1% indirect bid (43.9% average). Direct bidders were awarded 19.4% and primary dealers took 44.5%.
08:45 EDTOil Action: NYMEX crude is down 22 cents
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08:40 EDTU.S. equities are mildly firmer
U.S. equities are mildly firmer after a mixed global session following yesterday's losses on Wall Street led by financials and airlines, and propelled lower by smaller cap momentum stocks in the tech sector that have led the rally. Aluminum producer Alcoa beat expectations to set a friendly tone to the start of earnings season, though Citi appears close to a $7 B settlement with the Justice Department on mortgage practices. The Dow is 18-points higher, S&P rose 2-points and NASDAQ is 5-points firmer in pre-open trade. This followed a small 0.08% decline in Japan's Nikkei and 1.2% drop in China's Shanghai Comp after low inflation readings and government affirming 7.5% GDP as a target, not a floor. The Euro Stoxx 50 is 0.2% higher, recovering from earlier losses. Fundamental readings on the U.S. economy remain scarce, leaving focus squarely on the FOMC minutes due later this afternoon for clues about the rate trajectory.
08:00 EDTFed funds opened at 0.09%
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08:00 EDTCanada Housing Starts Preview
Canada Housing Starts Preview: Housing starts are expected to slow to a 190.0k unit rate in June (median same) from the 198.3k clip in May. Canada's housing market has been punchy this spring, making up for the anemic activity this winter that came with the harsher than usual winter. A soft landing in Canada's housing sector is a key component of the BoC's outlook -- a move back to 190k in June would be consistent with that outlook.
07:53 EDTMorgan Stanley U.S. equity strategist to hold analyst/industry conference call
Chief U.S. Equity Strategist Parker discusses his outlook on the U.S. Equity Market for 2H14 on an Analyst/Industry conference call to be held on July 10 at 10 am.
07:46 EDTBrookings Institution to hold a discussion
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07:40 EDTBofA/Merrill to hold a conference
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07:40 EDTN.Y. FX Outlook
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07:35 EDTTreasury Market Outlook: Treasuries are modestly lower in light trading
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07:30 EDTU.S. MBA mortgage market index rose 1.9%
U.S. MBA mortgage market index rose 1.9% while the purchase index climbed 3.7% and the refinancing index gained 0.4% for the week ended July-4. The week was a short one due to the holiday break and largely defined by the firm June jobs report, which saw average mortgage rates back up 4 basis points to 4.32% on the 30-year fixed. The Fed had been concerned about the fragility of the housing market, particularly during the harsh winter, but recent rounds of housing data have been showing signs of life heading into the peak summer season. For more detail on the sector, see our existing home sales, housing starts and new home sales reports.
07:10 EDTFX Update: The dollar has been trading fairly steadily
FX Update: The dollar has been trading fairly steadily against the other main currencies into today's FOMC minutes. EUR-USD edged out a six-day high at 1.3630 after ECB's Coene said that the euro wasn't strong, while the 10-year T-note versus Bund yield differential also ebbed under 135 bp from 138-plus levels. The euro subsequently dipped to near net unchanged levels around 1.3610-15. The FOMC minutes to the mid-June policy meeting today should by slightly hawkish in tone given the improved labour market and pickup in inflation, though the minutes will be outdated after last week's jobs report and Yellen's recent commentary. Cable saw an early London run higher stall a few pips shy of 1.7150 and one pip shy of yesterday's Asia-session peak, and the pound subsequently settled in the low 1.71s. AUD-USD continued to oscillate around 0.9400 over the last day, with the market hunkered down ahead of today's FOMC minutes and tomorrow's China trade and Australian employment figures, which are collectively pose risks for the high beta Aussie. USD-JPY recovered from a Tokyo-session low of 101.44 to the 101.60-70 area.
07:00 EDTMBA Purchase Applications Composite Index data reported
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06:01 EDTOn The Fly: Morning Wrap-Up for July 9
Globex S&P futures are recently down 0.10 from previous day’s SPX cash close. Nikkei 225 down 0.08%, DAX down 0.14%. WTI Crude oil is recently at $103.39, natural gas down 0.02%, gold at $1323 an ounce, and copper up 0.28%.
05:51 EDTJuly front month equity options last day to trade July 18, 2014
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02:15 EDTFX Update: EUR-USD has remained buoyant
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