The Latest Posts
August 1, 2014
NYSE MAC Desk
Jun 6 2014 | 10:03 AM

From The Trading Floor: The Equity markets are trading in modestly positive territory this morning after the May jobs number came in pretty much as expected showing slow but steady improvement in the labor market

  • US. Non-Farm Payrolls added 217,000 jobs in May to push payrolls past their pre-recession peak.

  • The Jobless rate held at 6.3%, an almost 6 year low

  • Labor Force Participation Rate held at 62.8% the lowest level since September of 2008

  • Consumer Credit is at 3:00 pm

  • The net worth of U.S. households climbed 1.9% in the first quarter of 2014, to $81.8T, with Americans' wealth boosted by rising house prices and the stock market. Data from the Federal Reserve shows the recovery of household wealth, up 11% on a year ago and 43% since the recession in 2008.

  • The National Futures Association says it will reduce its fees on options and futures contracts. Fee revenue is tied to...

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Jun 6 2014 | 8:02 AM

MARKET ACCESS CENTER: MORNING REPORT
Ahead of the Bell: Dow futures are trading up 31 points and S&P futures are trading up 2 points. The focus today will be on the US jobs report as the Labor Department is set to release May employment data before the opening bell. According to various polls, economists are forecasting that the economy created 213K jobs last month compared with 288K in April, while the unemployment rate is expected to remain unchanged at 6.3%. The economy is likely to show strength across all sectors, including manufacturing, construction, retail, hospitality, and healthcare. Thus far for the year, the private sector has created 200K jobs in three of the last four months.


• On the economic calendar today, other reports include consumer credit for April which will be published in the afternoon, a reading of $15.0 B is expected compared with $17.5 B for March.
• The dollar is up against a basket of major currencies. Gold is trading...

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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions
End of Day Report
Jun 5 2014 | 4:25 PM

Stocks soared on Thursday, with the S&P 500 hitting an intraday record high for the seventh time in eight sessions.  Traders decided to press bullish bets after the European Central Bank cut rates to record lows and outlined further accommodative monetary policy actions. All major sectors rose with Industrials and Financials leading the charge. Gold is higher, Crude is slightly lower, and the dollar was mixed against its major rivals. 


 


U.S. jobless claims were up but the underlying trend continued to point to a firming labor market. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 312,000 for the week ended May 31, the Labor Department said on Thursday.


 


Overseas, the European Central Bank (“ECB”) cut interest rates to record lows on Thursday, imposing negative rates on its overnight depositors to entice banks into lending more and to fight off the risk of...

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Specialist, Market Watch
NYSE MAC Desk
Jun 5 2014 | 10:19 AM

From The Trading Floor: With Mario Draghi taking a sledgehammer to the disinflationary environment in the Eurozone, the markets are trading in positive territory, encouraged by those measures taken and better than expected Jobless Claims and Consumer Comfort domestically. 

  • Challenger job cuts for the month of May rose 45.5%.

  • Initial Jobless Claims rose to 312,000 for the period ending May 31st

  • Consumer comfort rose for the first time in 5 weeks (+35.1) as Americans grew more upbeat about the economy.

  • Sprint and T-Mobile are near an agreement for a deal that would value T-Mobile at ~$40/share. Sprint's  offer will reportedly feature a 50-50 cash/stock split, and leave Deutsche Telekom, which currently owns 67% of T-Mobile, with a 15% stake in the combined company.

  • After months of speculation about potential easing, the European Central Bank threw the kitchen sink at the...

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Jun 5 2014 | 9:01 AM

Ahead of the Bell: Dow futures are trading up 38 points and S&P futures are trading up 3 handles. The central bank will capture most of the attention today, as the ECB cut it's key lending rate to 0.15% from 0.25%. This was somewhat expected with the market fully priced for the cut. On the corporate calendar, U.S. companies that are expected to see active trade during today's session are J.M. Smucker Co., Ciena Corp., VeriFone Systems Inc., and Joy Global Inc., who are all scheduled to report quarterly results, as well as T-Mobile and Sprint on renewed takeover headlines.

  • On today's economic calendar, Challenger planned job cuts released at 7:30 ET were 52,961 vs. Apr figure of 40,298. Initial jobless claims and continuing claims are due at 8:30 ET. Of note, Fed Minneapolis President Kocherlakota will speak at 13:30 ET.
  • Yesterday, US Equities finished higher, with the S&P 500 closing at its 16th record high for 2014 as investors continued to look ahead...
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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions