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.

Market Enters Holding Pattern Ahead of Super Tuesday


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

The S&P 500 digested recent gains today ahead of Tuesday's cornucopia of central bank, economics, and earnings news.

The index traded within a 7-point range today before finishing at 2109.66, down less than one point.

Economic data was on the weak side, with the Chicago Fed National Activity, Dallas Fed Manufacturing Activity, and  Existing Home Sales reports all coming in below expectations.

Apple (AAPL) had a very strong day, hitting a new all-time high at $132.02 before closing at $133 on the dot. Apple is now up 20.5% year-to-date.

Biotechnology stocks also impressed, with the SPDR S&P Biotech ETF (XBI) rising 0.8%.

Internet security stocks, which have exhibited strong momentum as of late, took a major hit today. JP Morgan downgraded sector leader Cyber-Ark Software (CYBR) to an Underweight rating, sending the stock down 17.0% to $58.42. Related names like Palo Alto Networks (PANW) and FireEye (FEYE) dropped in sympathy, and the PureFunds ISE Cyber Security ETF (HACK) fell 2.3%.

In the afternoon, crude oil saw a short-term spike on a Financial Times report suggesting that OPEC could hold an emergency meeting in reaction to weak crude oil prices. OPEC later came out and denied that an emergency meeting was on the table, and oil sold off back below $60.

Greece and Ukraine remained sources of uncertainty.

Greece was expected to deliver its list of proposed reforms to Eurogroup in order to secure a four-month extension to its bailout program, but the release was delayed from Monday to Tuesday.

And Ukraine said it could not pull weapons off the frontlines due to ongoing fighting with Russian separatists, even in the face of a recent ceasefire agreement.

However, Greek and Russian stocks were only down fractionally, while most European markets were up.

Tomorrow's Financial Outlook

Tuesday will be a very busy day, even aside from Greece.

Federal Reserve Chair Janet Yellen will testify before the Senate Banking Committee and traders will be watching closely for clues on the timing of interest rate hikes. Many market participants had been expecting a June rate increase, but in last week's minutes from the January meeting, the Fed sounded quite cautious.

In Europe, ECB President Mario Draghi will deliver a speech to the European Parliament, and will likely comment on Greece.

On the US data front, we'll receive S&P Case-Shiller Home Prices, the Markit US PMI, Consumer Confidence, and Richmond Fed Manufacturing numbers.

We'll even have some big earnings reports, with Comcast (CMCSA), Home Depot (HD), Macy's (M), and Hewlett-Packard (HPQ) reporting.

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.

Featured Videos