From The Trading Floor: After 3 consecutive days of declines and ahead of the unofficial beginning to quarterly earnings, stocks are trading in mixed to cautious territory this morning.
NFIB Small Business Optimism increased to 93.4 during March
JOLT Job Openings for the month of February increased to 4.17 million
Fourteen companies are due to price IPOs through Thursday, which would make this week the busiest for such offerings since November 2007. Ally Financial (ALLY), in which the Treasury plans to sell $2.5B of shares, and hotel chain La Quinta (LQ), which intends to raise $725M, are among the standout debutants. A total of $4.8B in stock is projected to be sold.
The Senate has passed a bill that would extend benefits for 2.8M people who have been out of work for at least six months, with the measure receiving support from several prominent Republicans.
Ahead of the Bell: Dow futures are trading down 8 points and S&P futures are trading down 2 points. Investors appear to be shrugging off worries about geopolitics, slowing US stimulus, and China's faltering economy following a three-day sell-off in global markets. However, rising tensions in Ukraine could temper investors’ appetite for risk after reports suggest pro-Moscow protesters in eastern Ukraine seized arms in one city and declared a separatist republic in another. Ukraine blamed the escalation of tensions on Russia as part of Vladimir Putin's plans to justify an invasion. Also, market participants are a little cautious as the European Central Bank may not be as eager to begin a large-scale stimulus as had been hoped. First quarter earnings season will kick off after the closing bell today when resources giant Alcoa opens its books.
On Monday, April 7, executives from Cigna Corporation, will host six-year-old March of Dimes National Ambassador Aidan Lamothe, Supermodel-mom and volunteer Niki Taylor and representatives from March of Dimes, a nonprofit organization dedicated to improving the health of mothers and babies, at the New York Stock Exchange (NYSE) to kick off the 2014 March for Babies fundraiser. This year marks Cigna’s 20th anniversary as a partner of March of Dimes and as a national sponsor of March for Babies.
To mark the occasion, Cigna’s Lisa Bacus, President of the Cigna Foundation and Cigna’s Global Chief Marketing Officer, joined by members...
Momentum remained to the downside on Monday with U.S. equities finishing in the red for a third straight day as investors focused on the recent selloff ahead of the start of earnings season. Defensive sectors Utilities and Staples outperformed, while Discretionary, Materials, and Financials topped declines. Gold, Crude Oil, and the dollar are lower.
A light day on the economic calendar, investors looked to the onset of earning season, with Alcoa set to report Q1 results following tomorrow’s close, followed by JP Morgan and Wells Fargo later in the week. Expectations for earnings have come down for the first quarter, mostly due to the harsh winter that swept the nation, but investors are hoping for an improved outlook for most of the S&P 500, one that may allow the rotation away from hyper-growth to steady growth to continue.
The Independent Petroleum Association of America (IPAA) will visit the New York Stock Exchange on Monday, April 7 with CEOs of several NYSE-listed energy companies.
To mark the occasion, Barry Russell, President and CEO of IPAA, will ring The Opening Bell.
About the IPAA
IPAA is the leading, national upstream trade association representing oil and natural gas producers that drill 95 percent of the nation's oil and natural gas wells. These companies account for 54 percent of America's oil production and 85 percent of its natural gas production. The IPAA OGIS New York is the premier...