Paras Madho is a Director of the Market Watch & Corporate Actions, Global Corporate Client Group for NYSE Euronext (NYSE: NYX). In this...
Ahead of the Bell: Dow futures are trading down 88 points and S&P futures are trading down 9 points after yesterday's huge rally. The Dow gained 3.9% and the S&P climbed 4.7% following the Federal Reserve's announcement that it will keep interest rates low for two years. The Fed is trying to convince investors the cost of borrowing will not increase until Mid-2013. China reported data showing export growth accelerated in July, stabilizing markets in Europe and Asia. The bank of England has cut it 2011 growth forecast for the UK by half a percentage point as the economy remains sluggish. Japan raised its assessment of its economy.
DJIA up 429.92 pts/+3.98%/11,239.77
S&P up 53.07 pts/+4.74%/1,172.53
Nasdaq up 124.83 pts/+5.29/2,482.52
Dow Futures down 88.00 pts/-0.79%
S&P Futures down 9.40 pts/-0.80%
Nasdaq Fut down 18.50 pts/-0.86%
CAC 40 +0.19%
NIKKEI 225 +1.05%
HANG SENG +2.34%
Overseas: World stock markets were up today. European and Asian markets are up after the Federal Reserve announced it will not increase short-term interest rates until the middle of 2013.
Economic Reports: Wholesale Trade expected to increase by 1% at 10:00 a.m.
Gold:up $19.10 to $1,762.85
Oil:up $3.20 to $82.98
EUR/USD 1.4375 -0.0017
USD/JPY 76.4650 -0.7800
GBP/USD 1.6256 -0.0074
Volatility Index (VIX): As of the close of business Tuesday, August 9, the VIX is down 12.94 at 35.06
Companies Reporting Quarterly Earnings:
Macy's (M): Q2 EPS of $0.55 beats by $0.04. Revenue of $5.94B (+7.3% Y/Y) beats by $70M.
Polo Ralph Lauren (RL): FQ1 EPS of $1.90 beats by $0.44. Revenue of $1.5B (+33.4% Y/Y) beats by $70M.
Today’s Opening and Closing Bells:
Representatives from Long Island Youth Mentoring will ring the opening bell.
Hanger Orthopedic Group (HGR) to commemorate the company’s 150th anniversary of founding. President and CEO Thomas F. Kirk and Chairman Ivan R. Sabel will ring the closing bell.