Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

S&P 500 Regains Friday's Pre-NFP Levels, Alcoa Mixed

By

Today's financial recap and tomorrow's financial outlook.

PrintPRINT
All things considered, this was a very slow day for US equities. Trading volume on the S&P 500 futures contract recorded one of the lowest days in recent memory with the volume equaling that of the Thursday before Easter. However, all of Friday's opening weakness was retraced and more with the S&P 500 closing above 1560. Financials were weak to open the day, but steadily crawled back throughout the day. The top performing sector of the day was consumer staples, up 0.78%. There was no economic data reported in the US. Economic data in Europe showed German industrial production moving up 0.5% month-over-month, though the prior month's rate was revised down to -1.2% from -0.6%.

In Japan, the Bank of Japan fired the first shot in the latest deflation-fighting battle by purchasing 1 trillion yen in government bonds with maturities of at least seven years. The USDJPY rose 1.73 to 99.30.

Alcoa (NYSE:AA) began the reporting for the first quarter's earnings season after the close today. The aluminum manufacturer reported adjusted EPS of $.13, beating estimates by $.05, though it missed revenue estimates with $5.83 billion versus the expected $5.88 billion. The company reaffirmed its 2013 forecast for global aluminum demand and lowered its surplus aluminum production.

In non-financial news, former UK Prime Minister "The Iron Lady" Margaret Thatcher passed away at the age of 87.

Tomorrow's Financial Outlook

Tomorrow's economic data includes the NFIB Small Business Optimism Index, Wholesale Inventories, and JOLTS government job openings. Though these aren't very prominent data points, the small business optimism index should show continued evidence regarding whether or not a negative tax increase, along with a corresponding increase in consumer spending, are having any effects on small businesses. Additionally, a speech by Federal Reserve Chairman Ben Bernanke should have an effect on overnight equity activity.

Globally, notable reports include China's release of consumer and producer inflation and the UK's release of trade balance data and industrial production. Recently, the UK's purchasing managers' index has declined into contraction territory. Monthly industrial production figures are expected to gain 0.4% after declining 1.5% the month prior.

There will be no major earnings tomorrow in the US.

Twitter: @Minyanville

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.
No positions in stocks mentioned.

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.

PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE