The Meteor-Proof Market
Today's financial recap and tomorrow's financial outlook.
Commodities remained under pressure as the yen experienced extreme volatility. The G20 statement leaked this morning did not address FX volatility as harshly as the G7 statement from earlier in the week had, leading to a sharp sell-off in the yen. Gold lost 1.6% and briefly dipped below the $1,600 level. WTI crude oil settled floor trading at $95.86, down 1.51% for the day.
In the afternoon, emails leaked from Wal-Mart (NYSE:WMT) and showed the company's February sales are a "total disaster" and the worst start to a February in seven years. The company cited the payroll tax cut expiration and its associated tax increases for the dismal sales. Earlier today, Cleveland Research had pointed out slowing comparable sales this year from Wal-Mart.
Tomorrow's Financial Outlook
On Monday, US markets will be closed for Presidents' Day, though US futures markets will be open for half of the day. On Tuesday the only economic data point is the NAHB Housing Market Index. The future expectations gauge of real estate agents and homebuilders is expected to rise to 48 in February from 47 last month. This gauge continues to show increased optimism over future housing activity.
Globally, the ZEW institute will release its economic sentiment indicator. On Monday evening, the Reserve Bank of Australia will release the minutes of its meeting from earlier this month.
Earnings reports on the calendar include Westlake Chemical (WLK), Sealed Air (SEE), Marriott International (MAR), Dell (DELL), CF Industries (CF), Allscripts (MDRX), Newfield Exploration (NFX), Terex (TEX), and Fidelity National Financial (FNF). The most notable report is Dell, due to its pending LBO deal.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter