The Latest Posts
August 1, 2014
End of Day Report
Jun 25 2014 | 4:33 PM

Stocks rebounded on Wednesday following two days of losses as the markets digested a swath of corporate headlines and mixed US economic reports.  Investors shrugged off weaker-than-expected durable goods and Q1 GDP as a jump in services data raised sentiment.  Healthcare and Discretionary led gains on the S&P 500, while Staples and Telecom topped declines.  Gold and Oil are higher amid a weaker dollar. 


 


Real GDP surprised to downside as data showed the US economy contracted 2.9% in the first quarter, a much steeper pace than previously estimated, though activity was impacted by harsh winter weather and there are indications that growth has since rebounded.  Durables orders were also much weaker than expected, with durable orders falling 1.0% in May after rising 0.8% in April.  Analysts forecast 0.4%.  A bright note, Markit flash services PMI came in at 61.2 in June vs 58.1 in May.  The reading...

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Specialist, Market Watch
NYSE MAC Desk
Jun 25 2014 | 10:10 AM

From The Trading Floor: Equities are trading higher this morning as a report showing expansion in the services sector is overshadowing an unexpected drop in GDP for the 1st quarter. 

  • Mortgage Applications fell -1.0% for the period ending Jun 20th which was better than the -9.2% decline the previous period

  • Durables orders advanced 0.6%, following a 3.7% jump in March. Excluding transportation, durables orders edged up 0.3% in April, following a 3.0% spike the month before. Most of the decline was the result of a drop in transportation orders

  • Real 1st quarter GDP really surprised on the downside. Adverse winter weather had a huge impact as the first quarter fell a revised 2.9% after rising an annualized 2.6% in the fourth quarter. The latest number was significantly below market expectations for a 1.8% decline. 

  • Markit Composite PMI rose to 61.1

  • Markit Services PMI...

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Jun 25 2014 | 8:31 AM

MARKET ACCESS CENTER: MORNING REPORT


Ahead of the Bell: Dow futures are trading down 2 points and S&P futures are trading up 2 points. Global financial markets are retreating today on fears that turmoil and violence in Iraq could escalate further, prompting investors to seek safe haven asset classes. According to reports, the situation in Iraq is worsening by the day, which triggered a sell off in US equities late on Tuesday. The US is urging the various ethnic groups, including leaders of Iraq's Kurdish region to stand with Baghdad against the rebel insurgency that threatens to destabilize the country. Crude oil prices are presently stable, but could rise in the long term if the crisis in Iraq is not resolved and the country falls into civil war.


On the economic calendar today, durable goods orders for May will be out before the market opens and it is expected to be 0.4% compared with 0.8% for April. A final reading of first quarter GDP will...

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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions
End of Day Report
Jun 24 2014 | 4:47 PM

U.S. stock indices finished lower after reversing earlier gains as the markets digested some mixed housing data, better-than-expected consumer confidence, continued geopolitical concerns surrounding Iraq and various Fed-speak.  The S&P 500 touched a fresh intraday all-time-high in early trading, however investors took the opportunity to book profits as the major indexes hover near record levels.  Of the major sectors, Energy and Industrials topped declines, while Utilities and Healthcare were the only two groups to finish on the plus side.  Oil is lower while Gold and the dollar advance.  


 


In US economic news, home price data largely disappointed, with the S&P/Case-Shiller 20-city home price index rising 0.2% m/m in April vs consensus of +0.8%.  The Index is up 10.8% y/y, down from 12.4% in March.  FHFA’s house price index...

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Specialist, Market Watch
NYSE MAC Desk
Jun 24 2014 | 10:12 AM

From The Trading Floor: Equities are trading in positive territory this morning as stronger consumer confidence and new home sales have turned early sentiment around

  • Home Prices in 20 US. Cities rose at a slower pace than forecast in the new year ending in April as declining affordability put a ceiling on appreciation
  • Consumer Confidence jumps to 85.2 for June, well above the adjusted 82.2 the previous period

  • The Richmond Fed Manufacturing Index fell to 3 from 7 the previous period

  • New Home Sales rose 18% in May the most in 22 years to 504,000

  • After Argentine President Cristina Fernandez switched her policy on Friday of not negotiating with holdout creditors, Argentina is now looking for a court stay to avoid default. Without the stay, Argentina will not be able to fulfill the June 30 coupon payments on its restructured bonds, until it pays the $1.3B it owes to holdout creditors who refused to take part...

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk