Stock futures are extending losses, although modestly from another down day to start the week. Stocks were up overnight but have slid the last few hours as geopolitical tensions in Ukraine have markets on edge. Option volatility expanded in Monday’s session as continued weakness in equities has investors buying protection. The CBOE Volatility Index was up sharply but is still at relatively low levels. We would need to see the ‘Fear Gauge’ up near $20 for confirmation on a substantial correction. Tech and small cap sectors continue to take the brunt of losses and could be forecasting further losses in the near-term.
In overseas trading last night, Japan suffered another loss falling to its lowest level in over two weeks after following suit to the recent US selloff. Europe is fairing a little better this morning as the FTSE has inched 0.2% higher after Monday’s significant weakness with some stock-pickers potentially beginning to selectively scoop up perceived bargain prices. Gold prices (/GC) continue to remain firmly above the $1300 level after gaining another 1% pre-market as the popular safety play. Treasury yields slipped again for the 3rd consecutive day to 2.72% and continue to remain range-bound well below the 3% threshold as equity jitters have prompted more debt interest as of late. Earnings season officially kicks off tonight after the bell with the release of Alcoa's (AA) quarterly numbers.
Stock Stories:
Nike (NKE) – Sweating it out – The athletic apparel maker gets an analyst upgrade this morning on valuation. The company’s shares are down over 12% from last month’s highs as it has outperformed the overall market to the downside. The stock is up over 1% ahead of the opening bell.
Major Economic Reports:
6:30 am CT –NFIB Small Business Index
6:45 am CT – GS Store Sales
9:00 am CT – JOLTS Job Openings
12:30 pm CT –FOMC Member Kocherlakota speaks
1:45 pm CT – FOMC Member Plosser speaks
Notable Earnings:
Before Market: None
After Market: AA, WDFC
Wednesday – 4/9: BBBY, STZ, PSMT, RT |
发表于 2014-4-8 08:45
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