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Market Remain Mixed on Euro Bond Yield Surge


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

The S&P 500 finished down 0.3%, led by the transports, which fell 1.2% on a jump in crude oil.

Oil prices jumped over $61 a barrell today after OPEC increased its forecast for oil demand this year. Oil investory data will be announced tomorrow.

The closely-watched biotech sector was mixed for the day. The S&P Biotech ETF (XBI) finished up 0.2%, while the NASDAQ Biotechnology ETF (IBB) finished negative. Cybersecurity stocks also had a rough day.

AOL (AOL) rallied 18.6% after it was announced that Verizon (VZ) will acquire the company for $4.4 billion, a 17% premium on yesterday's closing price. The move will help Verizon further drive its LTE wireless video and OTT (over-the-top) video strategy. AOL shares finished above the $50 acquisition price, implying that perhaps some traders expect a higher bid.

Tesla (TSLA) gained 2.2% as the governor of Maryland will sign a bill allowing the company to sell directly to consumers, opening up a new market. Maryland state law currently only allows licensed, franchised dealers to sell new vehicles to the public.

Bojangles (BOJA) was able to regain its mid-day losses, ralllying 2.3%. Bojangles received a strong reception to its IPO on Friday, and experienced nice gains yesterday.

This morning's major earnings names were mixed.

Arco Dorados (ARCO) was the hardest hit, falling 9.4% after it missed EPS and revenue estimates.

EnCana (ECA) was flat despite beating earnings expectations.

In economic news, NFIB Small Business Optimism was 96.9 in April, beating the 96.0 consensus. However, JOLTS Job Openings for March were below expectations.

Treasury yields eased back off 6-month highs after popping this morning ahead of the Fed's sale of $24 billion in three-year notes.

European bond yields popped again, causing unease in their equity markets. The 10-year German Bund rose 6.5 bps to 0.675%, while the DAX fell 1.72%.

Wednesday's Financial Outlook

For tomorrow's economic news we have MBA Mortgage Applications, Retail Sales, Import Price Index, Business Inventories, and DOE Energy oil inventory data.

Overseas, we have Chinese Industrial Production and Retail Sales, French GDP, German GDP and CPI, Italian GDP, Britan's Unemployment report, Euro-Zone GDP and Industrial Production, and Chinese foreign direct investment.

Earnings before the open will include Aramark Holdings (ARMK), International Game Technology (IGT), Macy's (M), Ralph Lauren (RL), and Precision Castparts (PCP). After the close, we'll be hearing from Cisco Systems (CSCO), JC Penney (JCP), and Vipshop (VIPS).
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