Record cold temperatures are gripping much of the nation but
expect the U.S. markets to return to business as usual this week
now that the holiday season is over. Investors will watch
Washington as the monthly jobs report hits the market Friday as
well as minutes from the Federal Reserve's most recent meeting.
On top of key economic data, earnings season kicks off this week
but expect the real action to pick up next week as earnings reports
reach investors en masse.
U.S. index futures are up slightly taking the lead fro Europe
and ignoring the plunge in the Asian markets earlier. The Dow is up
about 25 points while the S&P is up about two points.
) confirmed Saturday that it acquired Snappy Labs, the company
behind the app, SnappyCam that allows iPhone users to take 20 high
quality pictures per second. JPMorgan (NYSE:
) Is nearing a $2 billion settlement with federal regulators
stemming from suspicions that the bank didn't take action when all
signs pointed to Bernard Madoff running a Ponzi scheme.
It wasn't a good start to the week for Asian markets. The Nikkei
plunged more than two percent to end the day at 15908.88 on the
back of a strengthening yen. Further, China released data over the
weekend that revealed the country's service sector slowed sharply
The Shanghai composite didn't fare much better, down 1.8 percent
to close at 2045.71 and the Hang Seng, down 0.58 percent to close
Europe is largely quiet Monday morning with indices hovering
around the flat line. The FTSE and the CAC are down about 0.1
percent, and the DAX is flat.
Energy is showing strength while metals are weak. WTI is up
about 0.6 percent at $94.49 per barrel and Brent is up 0.9 percent
to $107.84. Natural gas is up about 1.4 percent to $4.36.
Gold is down fractionally to $1,236.70 per ounce, silver is down
0.9 percent to $20.02 per ounce and copper is down 0.6 percent to
Japan's plunge was largely blamed on the Yen. The Japanese
currency is up 0.3 percent against the dollar. The Euro is down
against the dollar currently sitting at 1.36 and the British pound
is weak against the dollar at 1.63.
Boston Scientific (NYSE:
) is up about 1.2 percent this morning and General Electric (NYSE:
) is up about 1 percent. Each has traded only a couple of hundred
shares. Carnival Corp (NYSE:
) is down about 1.5 percent after hitting a 52-week high last week.
Friday, Lindsay Corporation (NYSE:
) reported fiscal first-quarter earnings. EPS came in at $0.79
missing expectations by $0.10. Revenue beat expectations. The
company reported $147.7 million versus estimates of $142.2 million.
) will report fiscal first-quarter earnings. Analysts expect EPS of
$0.47 on revenue of $571 million. Sonic (NASDAQ:
) will also report fiscal first-quarter earnings. Analysts expect
EPS of $0.14 on revenue of $127.98 million.
This week is full of key economic data. Factory orders and ISM
Non-Manufacturing numbers come out at 10:00 am. Also on the
calendar, a three and six month bill auction.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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