U.s. Equity futures are lower, after mixed markets yesterday, ahead of what remains a busy and important week of news and data. Stocks in Asia were slightly lower, ahead of Alibaba Group's IPO later this week and nervousness ahead of the Fed. Data in the U.S. Today includes PPI at 8:30 am et and the FOMC meeting starting today.
U.s. Equity futures are lower, after mixed markets yesterday, ahead of what remains a busy and important week of news and data. Stocks in Asia were slightly lower, ahead of Alibaba Group's IPO later this week and nervousness ahead of the Fed. Data in the U.S. Today includes PPI at 8:30 am et and the FOMC meeting starting today.
U.s. Equity futures are lower, after mixed markets yesterday, ahead of what remains a busy and important week of news and data. Stocks in Asia were slightly lower, ahead of Alibaba Group's IPO later this week and nervousness ahead of the Fed. Data in the U.S. Today includes PPI at 8:30 am et and the FOMC meeting starting today.
Index Up/Down % Last DJ Industrials -27.00 0.16% 16,916 S&P 500 -2.25 0.11% 1,973 Nasdaq -8.00 0.20% 4,017
U.S. equity futures are lower, after mixed markets yesterday, ahead of what remains a busy and important week of news and data. Stocks in Asia were slightly lower, ahead of Alibaba Group's IPO later this week and nervousness ahead of the Fed. The Nikkei was off by 0.3%, catching up to losses in Hong Kong and Australia from Monday. Europe is currently lower across the board, with losses of about - 0.5%, led by weaker data, while U.S. futures sit near overnight lows. Data in the U.S. today includes PPI at 8:30 am et and the FOMC meeting starting today (2-day meeting/results/press conference tomorrow).
As for yesterday, the Dow was stronger (led by energy names), the Nasdaq Composite fell 1% (high beta/2014 winners sold, likely ahead of BABA IPO), and the S&P was flat, as Wall Street awaits results/commentary from the Fed (holds 2-day meeting starting today/results tomorrow), Alibaba IPO on Thursday, and Scotland referendum at the end of the week.
In Asian markets, The Nikkei Index fell 0.23% to 15,911, the Shanghai Index dropped -1.8% to 2,296, while the morning trading session for Hong Kong markets was cancelled due to rough weather caused by Typhoon Kalmaegi, according to a statement by the city's exchange operator Tuesday morning. Earlier in the day, the Hong Kong Observatory issued a Level 8 storm warning
Data compiled and reported by Bloomberg News on Monday, showed 47% of stocks in the Nasdaq Composite are down at least 20% from their peak in the last 12 months, and more than 40% have fallen by as much in the Russell 2000 index. Meanwhile, the S&P 500 index has logged 33 new closing highs this year, and less than 6% of companies are in whats considered bear-market territory
Market Closing Prices Yesterday The S&P 500 Index dipped -1.41 points, or 0.07%, to 1,984.13 The Dow Jones Industrial Average rose 43.63 points, or 0.26%, to 17,031.14 The Nasdaq Composite dropped -48.70 points, or 1.07%, to 4,518.90 The Russell 2000 Index declined -14.09 points, or 1.21% to 1,146.52
Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Producer Price Index (PPI) MoM, for Augest. 0.0%...core est. 0.1% 8:55 AM ET Johnson/Redbook Weekly Sales 11:00 AM ET Fed to purchase $2.0-$2.5B in 2021-2024 sector 11:30 AM ET U.S. to sell $30B 4W Bills, $25B 52W Bills 4:00 PM ET Net Long-term TIC Flows, for Julyest. $25.0B 4:30 PM ET API Weekly Inventory Data
World News The German economic outlook weakened in September, as the lead indicator of the ZEW survey declined to 6.9 in September from August's 8.6 (ests. forecast fall to 5.0). The indicator for current conditions fell sharply to 25.4, from August's 44.3. This was well below forecast expectations of 41.0. The lead expectations indicator hit its lowest level since December 2012, when it was also 6.9 The UKs annual rate of inflation fell to 1.5% in August from 1.6% in July, the Office for National Statistics said. That equals the rate seen in May, which marked the lowest level since October 2009. Economists were expecting the inflation rate to remain steady in August Eurozone wage growth picked up in the three months to June, as did total labor costs. Eurostat said workers' pay was 1.2% higher in Q2 than in the same period of 2013, having risen by 1.0% in the three months to March. Total labor costs--which include tax and other costs to employers-- rose 1.2%, having increased by 0.6% in the previous period China's foreign direct investment fell in August to its lowest level in more than four years. China attracted $7.2 billion of foreign direct investment in August, the commerce ministry said, down 14% from a year earlier, its lowest level since July 2010. This compares with $7.81 billion in July, which was itself down nearly 17% from a year earlier ECBs Liikanen: ECB is committed to use further unconventional instruments to tackle risks of low inflation if required; aim of recent ECB decisions is to support lending and enhance policy transmission mechanism The U.S. military said it conducted its first airstrike in Iraq as part of an expanded mission announced last week by President Barack Obama. The new phase of the campaign began with U.S. planes striking a single fighting position set up by Islamic State militants The California Public Employees Retirement System (CALPERs) said Monday it would shed its entire $4 billion investment in hedge funds over the next year
Sector News Breakdown Consumer Sears Holdings (SHLD) entered into a $400 million secured short-term loan agreement with ESL Investments, Inc. affiliates Pitney Bowes (PBI) files automatic Mixed Securities Shelf Tiffany (TIF) CEO Michael Kowalski and three other insiders sold 130,844 shares of the company's stock, near record highs, for approximately $13.21M Dicks Sporting Goods (DKS) President/COO Joseph H. Schmidt informed co. on Sept. 10 of his plan to retire WPCS Int'l (WPCS) will delay its 10-Q filing
Energy Abraxas Petroleum (AXAS) provides operations update for Williston Basin, Eagle Ford; boosts Q3 production view to 6,900-7,000 Boepd (up from prior view was 6,500-6,700 Boepd) Occidental Petroleum (OXY) downgraded to Equal Weight from Overweight at Barclays Gastar Exploration (GST) offers 17M shares of common stock Lehigh Gas (LGP) files to sell 3.6M common units representing limited partners
Financials Morgan Stanley (MS) Tier 1 risk-capital ratio 9.7% in severe stress test; Tier 1 common risk-based capital ratio in severe stress 10.0% as of June 30, 2016; said as of March 31, 2014, MS was at 13.3% Tier 1 common, 15.6% Tier 1 risk-based capital Bank of America (BAC) releases results of its mid-cycle stress test saying in adverse scenario, total capital ratio would be 10.7% through 2Q16; company's common equity tier 1 capital ratio would be 8.2% through 2Q16 JPMorgan (JPM) reported that Tier 1 common ratio would be a minimum of 8.4% in mid-cycle stress test; Tier 1 leverage ratio would be a minimum of 6.4%, and Tier 1 risk-based capital ratio would be a minimum of 8.7%
Healthcare Humana (HUM) announces $2B share buyback, expiring Dec. 31, 2016 Phase III data presented by Merck (MRK) for its new osteoporosis drug odanacatib showed that more heart side effects were deemed linked to the drug vs. placebo, including stroke and major adverse cardiovascular events, though the difference wasn't statistically significant Amarin (AMRN) now sees Reduce-IT study completed in 2018; in March had said saw study completed in/about 2017 New data from the Boston Scientific (BSX) clinical trial program of the Lotus Valve System continue to demonstrate strong performance as a less invasive treatment for patients with severe aortic stenosis who are considered high risk for surgical valve replacement Amgen (AMGN) announced results from a new exploratory analysis of the open-label extension study of the pivotal Phase 3 fracture trial Salix Pharmaceuticals, Ltd. (SLXP) said the FDA has granted tentative approval for UCERIS (budesonide) rectal foam for the induction of remission in patients with active mild-to-moderate distal ulcerative colitis (UC) Five Prime Therapeutics (FPRX) said GlaxoSmithKline (GSK) has exercised its option to obtain an exclusive, worldwide license to products Opexa Therapeutics (OPXA) files automatic common stock shelf
Industrials & Materials Alcoa (AA) announces proposed offering of 25M depositary shares Airbus Group said its Defense and Space unit would sell its communications business, some subsidiaries and stakes in other companies to streamline its operations and focus on its space and defense activities Celanese (CE) announced that it will increase the price of acetate tow for core grade items by 5%-6% percent, on FOB plant basis BE Aerospace (BEAV) upgraded to Overweight from Neutral at JPMorgan
Technology, Media & Telecom Alibaba (BABA) said planning $66 to $68 price range for IPO http://goo.gl/6CECNM Mobileye (MBLY): TRW Automotive (TRW) announced its next-generation camera system, the S- Cam4 family, which will be equipped with Mobileye's (MBLY) Eye Q4 image processor and object recognition algorithms Orange SA made a 3.33 billion ($4.3 billion) offer for Spanish broadband and cellphone operator Jazztel SA. Jazztel said in a regulatory filing that it had received a cash offer for 100% of the company at 13 a share http://goo.gl/LlTE28 Apple (AAPL) may have to wait until next year to get approval to sell its new iPhones in China after it failed to reach an agreement with the Ministry of Industry and Information Technology this month, 21st Century Business Herald reports Microsoft (MSFT) sent out invitations for a September 30 event that said, "Join us to hear about whats next for Windows and the enterprise, WSJ Accenture (ACN) downgraded to neutral from buy at Citi 21Vianet (VNET) upgraded to Outperform from Sector Perform at Pacific Crest Tableau (DATA) upgraded to Outperform from Neutral at Credit Suisse Analogic (ALOG) reports Q4 non-GAAP EPS $1.36/$142M vs. est. $1.24/$150.37M; sees FY15 revenue to grow mid-single-digits , consensus $572.12M TiVo (TIVO) files $200M in convertible senior notes to fund buybacks FormFactor (FORM) files $150M mixed securities shelf
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