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US Markets Experience a Roller Coaster of a Day as They Try to Recover From Last Week's Plunge
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US markets attempted to bounce back today following stronger earnings from Citigroup (NYSE:C) and a pickup in retail sales growth in March. Citigroup's EPS of $1.30 beat the highest estimate of $1.20, which pushed the stock up 4.62% in today's session. Retail sales in March rose 1.1% from the prior month, and February's monthly growth was revised up to +0.7% from the earlier estimate of +0.3%. Although the strong auto sales in the month were a significant driver in the monthly gains, the "core" groups of food and beverage, merchandise, and building materials all showed solid growth.

The S&P 500 (INDEXSP:.INX) rose as much as 18.50 points by noon today, which was a gain of 24.75 points from the overnight futures low. However, all of the rally was erased late in the afternoon as selling intensified in small-cap stocks, only to see a sharp bounce in the last 30 minutes of the session erase the earlier selling. The S&P 500 finished the day up 0.82%, led by energy and materials stocks. Biotech, which has been under particular pressure recently, failed to close the session in the green, though it did hold important technical support near 213.

European indices started the day lower as investors remained cautious over new developments between Russia and the West over Ukraine. The Italian FTSEMIB (INDEXBIT:FTSEMIB) was the strongest performer, which has typically been the most closely correlated to investors' thoughts on potential easing from the ECB. Over the weekend, ECB President Mario Draghi said at a press conference in Washington that the increase in the EURUSD exchange rate posed a risk to price stability in the eurozone, which may require unconventional measures in response.

Tomorrow's Financial Outlook

Earnings should be the dominant force in tomorrow's trading as household names such as Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and the first large-cap tech companies such as Intel (NASDAQ:INTC) and Yahoo (NASDAQ:YHOO) report. There are two reports due out tomorrow that will be the first preliminary pieces of economic data for the month of April: New York's regional manufacturing index and the NAHB survey of real-estate brokers and builders. Investors will be looking for more signs that the pent-up demand from the winter months continues in April.

The other economic report of significance is March's consumer price index.

The Atlanta Fed will be holding a conference tomorrow in Stone Mountain, Georgia. Chairwoman Janet Yellen is scheduled to give the opening remarks via video at 8:45 a.m. EDT.

The UK will release its consumer and producer price index early tomorrow morning. Also, the German ZEW survey of market professionals' thoughts on the current economic situation and expectations will be reported.

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.

US Markets Experience a Roller Coaster of a Day as They Try to Recover From Last Week's Plunge
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US markets attempted to bounce back today following stronger earnings from Citigroup (NYSE:C) and a pickup in retail sales growth in March. Citigroup's EPS of $1.30 beat the highest estimate of $1.20, which pushed the stock up 4.62% in today's session. Retail sales in March rose 1.1% from the prior month, and February's monthly growth was revised up to +0.7% from the earlier estimate of +0.3%. Although the strong auto sales in the month were a significant driver in the monthly gains, the "core" groups of food and beverage, merchandise, and building materials all showed solid growth.

The S&P 500 (INDEXSP:.INX) rose as much as 18.50 points by noon today, which was a gain of 24.75 points from the overnight futures low. However, all of the rally was erased late in the afternoon as selling intensified in small-cap stocks, only to see a sharp bounce in the last 30 minutes of the session erase the earlier selling. The S&P 500 finished the day up 0.82%, led by energy and materials stocks. Biotech, which has been under particular pressure recently, failed to close the session in the green, though it did hold important technical support near 213.

European indices started the day lower as investors remained cautious over new developments between Russia and the West over Ukraine. The Italian FTSEMIB (INDEXBIT:FTSEMIB) was the strongest performer, which has typically been the most closely correlated to investors' thoughts on potential easing from the ECB. Over the weekend, ECB President Mario Draghi said at a press conference in Washington that the increase in the EURUSD exchange rate posed a risk to price stability in the eurozone, which may require unconventional measures in response.

Tomorrow's Financial Outlook

Earnings should be the dominant force in tomorrow's trading as household names such as Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and the first large-cap tech companies such as Intel (NASDAQ:INTC) and Yahoo (NASDAQ:YHOO) report. There are two reports due out tomorrow that will be the first preliminary pieces of economic data for the month of April: New York's regional manufacturing index and the NAHB survey of real-estate brokers and builders. Investors will be looking for more signs that the pent-up demand from the winter months continues in April.

The other economic report of significance is March's consumer price index.

The Atlanta Fed will be holding a conference tomorrow in Stone Mountain, Georgia. Chairwoman Janet Yellen is scheduled to give the opening remarks via video at 8:45 a.m. EDT.

The UK will release its consumer and producer price index early tomorrow morning. Also, the German ZEW survey of market professionals' thoughts on the current economic situation and expectations will be reported.

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.

More From Minyanville Staff
US Markets Experience a Roller Coaster of a Day as They Try to Recover From Last Week's Plunge
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US markets attempted to bounce back today following stronger earnings from Citigroup (NYSE:C) and a pickup in retail sales growth in March. Citigroup's EPS of $1.30 beat the highest estimate of $1.20, which pushed the stock up 4.62% in today's session. Retail sales in March rose 1.1% from the prior month, and February's monthly growth was revised up to +0.7% from the earlier estimate of +0.3%. Although the strong auto sales in the month were a significant driver in the monthly gains, the "core" groups of food and beverage, merchandise, and building materials all showed solid growth.

The S&P 500 (INDEXSP:.INX) rose as much as 18.50 points by noon today, which was a gain of 24.75 points from the overnight futures low. However, all of the rally was erased late in the afternoon as selling intensified in small-cap stocks, only to see a sharp bounce in the last 30 minutes of the session erase the earlier selling. The S&P 500 finished the day up 0.82%, led by energy and materials stocks. Biotech, which has been under particular pressure recently, failed to close the session in the green, though it did hold important technical support near 213.

European indices started the day lower as investors remained cautious over new developments between Russia and the West over Ukraine. The Italian FTSEMIB (INDEXBIT:FTSEMIB) was the strongest performer, which has typically been the most closely correlated to investors' thoughts on potential easing from the ECB. Over the weekend, ECB President Mario Draghi said at a press conference in Washington that the increase in the EURUSD exchange rate posed a risk to price stability in the eurozone, which may require unconventional measures in response.

Tomorrow's Financial Outlook

Earnings should be the dominant force in tomorrow's trading as household names such as Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and the first large-cap tech companies such as Intel (NASDAQ:INTC) and Yahoo (NASDAQ:YHOO) report. There are two reports due out tomorrow that will be the first preliminary pieces of economic data for the month of April: New York's regional manufacturing index and the NAHB survey of real-estate brokers and builders. Investors will be looking for more signs that the pent-up demand from the winter months continues in April.

The other economic report of significance is March's consumer price index.

The Atlanta Fed will be holding a conference tomorrow in Stone Mountain, Georgia. Chairwoman Janet Yellen is scheduled to give the opening remarks via video at 8:45 a.m. EDT.

The UK will release its consumer and producer price index early tomorrow morning. Also, the German ZEW survey of market professionals' thoughts on the current economic situation and expectations will be reported.

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.

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