Trading activity was light today in both equities and fixed
(INDEXSP:.INX) futures traded up overnight before making lows
shortly before the market opened. Prices reached that peak at 1,765
during the early afternoon.
Natural gas futures fell 3.9% today on updated weather forecasts
that called for above-average temperatures in the US over the next
two weeks. MDA Weather Services called for temperatures to be
average or above average in most of the Northeast and Mideast by
November 11. This followed forecasts last week by Bloomberg that
the weather would be colder than usual.
European banking stocks came under pressure today as uncertainty
mounted over which banks had the necessary capital for rapidly
approaching Basel III regulations. Notable decliners were
(EPA:BNP). All major European equity indexes finished in the
A popular news item today was a report of insider sales by
) President Tony James last week. James sold 3.25 million shares of
Blackstone, netting $88.6 million in proceeds. In 2013, James sold
an additional 5 million shares. The large share sales prompted
speculation that the executive of the world's largest private
equity firm did not see real upside left in equity prices. James
stated that he had no plans to leave Blackstone for the foreseeable
) reported fiscal fourth-quarter earnings and revenues that beat
both its own guidance and Wall Street's expectations. It also
delivered very impressive iPhone unit sales. However, Apple's
first-quarter gross margin guidance was weak, prompting a sell-off.
Tomorrow's Financial Outlook
Much of the backlogged government economic data will be released
tomorrow morning. This includes the September producer price index,
retail sales, August home prices, business inventories, and the
October Conference Board consumer confidence index.
Overnight, Japan will release retail sales and employment growth
for September, which should move Treasury markets and currencies.
Other global news due out includes the Reserve Bank of India's
monthly monetary policy decision. A new governor took over at the
RBI last month and raised policy rates at his first meeting on
Fifty major US companies will report earnings tomorrow. Notable
Archer Daniels Midland
Buffalo Wild Wings