The buy on the dip mentality seems to be alive and well in
this market as the Dow erased a loss of more than 120 points to
end close to flat on the day. Let's not forget that this is a
market that found a way to attract buyers on a day when the
Nikkei was down more than 7 percent and took most of the global
markets with it.
This morning, markets around the world are quiet with most
major averages near the flat line.
S&P 500 futures are down nearly 3 points to 1647.25
The EUR/USD was up at 0.38 percent to 1.2984
German 10-year government bond yields are unchanged at 1.466
Italian 10-year government bond yields rose nearly 1 basis
point to 4.014 percent.
Gold was down 0.47 percent to $1,386.60 per ounce.
St. Louis Fed President James Bullard told
that inflation needs to move closer to target before QE is
The Nekkei saw extreme volatility once again. Up more than 2
percent close to its open, it closed up just shy of 1
ECB head, Mario Draghi said that the euro zone was more stable
than one year ago and that the region needed more integration
with the U.K. as a part of that, according to
Asia Pacific Markets
The Nikkei rebounded from Thursday's plunge by gaining at the
open but couldn't find the continued buying interest. It ended up
0.89 percent to close at 14612.45.
Other markets were mostly up. The Kopsi was up 0.22 percent,
the Shanghai composite was up 0.57 percent, and the ASX 200, the
Australian index, was down 1.56 percent.
European markets were up this morning. The Spanish Ibex Index
was unchanged and the Italian FTSE MIB Index was up 0.35 percent.
Meanwhile, the German DAX was up 0.15 percent and the French CAC
40 was up 0.62 percent while the U.K. market was down 0.19
Commodities followed other market cues and remain mostly flat.
WTI Crude futures fell 0.07 percent to $94.28 per barrel while
Brent Crude futures were up 0.05 percent to $102.49 per barrel.
Copper futures were up 0.30 percent to $331.40 and silver futures
were down 0.12 percent to $22.48 per ounce.
The Japanese Yen was stronger against the dollar gaining 0.34
percent at101.66. The GBP/USD was down 0.02 percent at 1.5104,
and the EUR/USD was up 0.38 percent to 1.2984
Earnings Reported Thursday
Sears Holdings (NASDAQ:
) reported EPS of -$1.29 with revenues of $8.45 billion. Analysts
expected EPS of $-0.65.
Gap, Inc. (NYSE:
) reported EPS of $0.71 with revenues of $3.73 billion
Salesforce.com Inc. (NYSE:
) reported EPS of $0.10 with revenues of $839 million.
Marvell Technology (NASDAQ:
) reported EPS of $0.19 with revenues of $734 million.
) reported EPS of -$0.10 on revenues of $125.05 million.
Abercrombie & Fitch (NYSE:
) is expected to report EPS of -$0.05 with revenues of $942.86
Foot Locker (NYSE:
) is expected to report EPS of $0.87 with revenues of $1.63
Markets are clearly taking a breather this morning prior to
the open, following the cue of world markets.
Procter & Gamble (NYSE:
) was up 1 percent on news that A.G. Lafley is taking over as
) was up 0.67 percent. The company was recently downgraded by
Gap was down 2.08 percent on disappointing earnings
Today, durable goods will be reported at 8:30 am EST.
Have a great day and remember to not only watch the major
indices but also the breadth of the market. How are the sectors
within the market acting?
to view Benzinga's Market Wrap for Thursday, May 23.
(c) 2013 Benzinga.com. Benzinga does not provide investment
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