Market Flash: Market Down

Breakfast Bites: Bulls appear to be on the sidelines this morning as positive sentiment yesterday over a possible stronger China GDP rating, came back to reality when it came in weaker than forecast overshadowing good earnings from 2 financial bellwethers.

  • The cost of living in the U.S. increased at a slower pace in March as the run up in energy prices eased, supporting the view by some of the Fed members that inflation will ebb. CPI rose 0.3% matching the median forecast after increasing by 0.4% the prior month.

  • China’s economy grew a less than the forecast 8.4% by 8.1% in the 1st quarter, the slowest pace in 11 quarters

  • JPMorgan reports Q1 EPS 1.31, consensus $1.18. Reports Q1 revenue $27.4B, consensus $24.68B

  • Wells Fargo reports Q1 EPS 75c, consensus 73c. Reports Q1 revenue $21.64B, consensus $20.46B

  • University of Michigan consumer confidence came in at 75.7 vs. prior period 76.2

  • Spanish banks' borrowings from the ECB jumped nearly 50% in March to €227.6B, as they took up 29% of the central bank's late-February LTRO

  • Ben Bernanke will give a speech reflecting on the financial crisis and the policy response at 1 p.m.