Stocks Moderate From Strong Run-Up, Still Eyeing News From Washington For Direction


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After three days of very impressive gains, the equity markets appear to be taking a breather this morning as the major indices are mixed in pre-market trading. Investors continue to keep a cautious eye on developments with Syria. And as the FOMC meeting gets closer, the future of QE tapering is still a detriment to any conviction in the market to move prices back towards the record high of 15,658 in the Dow Industrials.

This morning's round of economic data included initial jobless claims which plunged 31,000 to a sub-300 print of 292,000. The extreme decline in claims, however, might have been skewed by faulty reporting from two states. The Labor Department has yet to clarify how this influenced the data.

Other news included August export and import prices. Export prices fell 0.5% versus the consensus estimate of a 0.1% increase, while import prices were unchanged with forecasts calling for a 0.5% increase.

-Dow Jones Industrial up 0.04%

-S&P 500 futures down 0.09%

-Nasdaq 100 futures up 0.16%


Nikkei down 0.26%

Hang Seng up 0.07%

Shanghai Composite up 0.64%

FTSE-100 up 0.13%

DAX-30 up 0.09%


(+) Large cap tech: higher

(-) Chip stocks: lower

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+) Internet stocks: higher

(-) Drug stocks: lower

(+) Financial stocks: higher

(-) Retail stocks: lower

(+/-) Industrial stocks: mixed

(+/-) Airlines: mixed

(+/-) Autos mixed


NTWK (-17.6%) Q4 Earnings of $0.35 beat estimates of $0.22

KR (+2.10%) Reported record Q2 earnings of $0.60 and raised FY 2013 guidance

STSA (+11.5%) Agreed to be bought by Umpqua Holdings for $2 billion


MW (-13.36%) Reported Q2 earnings of $1.01 versus estimates for EPS of $1.14

LULU (-7.45%) Q2 profit falls 1.3% and company slashes Q3 forecasts

BRC (-3.34%) Recorded a $204.4 million non-cash impairment on write-downs of the value of certain assets in Asia

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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