The anticipation over the Fed minutes was overdone as the
markets read the statement as being a non-event. The minutes
reaffirmed that committee members were still proceeding with
caution and there is no preset timeline.
In the wake of the minutes the Dow was down about 0.4 percent at
16,362.74. The S&P was nearly flat losing 0.02 percent to close
at 1,837.49, and the NASDAQ gained 0.3 percent to close at
U.S. markets are up in premarket trading this morning. The Dow
is up about 72 points lower while the S&P is up about
The ADP jobs report beat forecasts coming in at 238,000. Wall
Street was expect 205,000. Macy's (NYSE:
) announced that it was closing five stores and cutting 2,500 jobs.
The market bid the stock up after the company announced that
holiday same-store sales rose 3.6 percent year over year.
Asian markets were mostly lower Thursday after China's annual
consumer inflation hit a seven-month low of 2.5 percent in
December. The Nikkei was down nearly 1.5 percent to end the day at
The Shanghai composite was down about one percent to close at
2027.62 and the Hang Seng, down about one percent to close at
Cautious trading is the story in Europe as investors wait for
economic data for the ECB and BoE. The FTSE and the CAC are up
about 0.3 percent. The DAX is up about one-half of a percent.
Energy and metals are mostly higher with natural gas seeing some
profit taking after gains from the recent cold snap in the United
WTI is up 0.5 percent at $92.77 per barrel and Brent is up 0.6
percent to $107.83. Natural gas is down about one percent to
Gold and silver are trading around the flat line at $1,226.50
and $19.55 per ounce respectively and copper is down nearly one
percent at $3.31.
The euro is gaining back some of the ground it conceded to the
dollar in recent days as Europe gears up for economic data. The
euro is up about 0.3 percent against the dollar while the pound is
flat against the dollar. The Japanese yen sits at 104.96 against
the dollar-up about 0.1 percent.
) is up about five percent after saying it would cut 2,500 jobs and
investors continue to bid the stock higher after better than
expected same store sales. Bed Bath & Beyond (NYSE:
) fell more than eight percent after the company reported
disappointing earnings and same store sales were lower than
) reported EPS of $0.67, beating the consensus estimate of $0.64.
Revenue of $3.14 billion beat consensus of $3.08 billion
Constellation Brands (NYSE:
) reported EPS of $1.10, beating the consensus estimate of $0.91.
Revenue of $1.44 billion came in ahead of the consensus estimate of
$1.38 billion. Alcoa (NYSE:
) will report fourth-quarter earnings after the bell today.
Analysts are looking for EPS of $0.05 and revenues of $5.43
Weekly jobless claims are what U.S. investors are watching today
at 8:30 am with all eyes focused on tomorrow's non-farm payrolls.
Also out today, the Bloomberg Consumer Comfort Index at 9:45 am and
the EIA Natural Gas Report at 10:30 am.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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