Equities are lower today as investors take profits at long-term
S&P 500 futures are down fractionally, while most European
indexes are declining by more than half a percentage point. Asian
markets were little-changed in the overnight session.
Stocks began the year with a strong rally, which brought the
S&P 500 to a five-year high, while the Dow Jones Transport and
Russell 2000 small-cap indexes both hit record levels. While most
economic news in this month has been positive, the United States
reported a surprise drop in gross domestic product yesterday and
Germany's retail-sales report this morning was much weaker than
Attention now focuses on initial jobless claims at 8:30 a.m. ET.
China will also report manufacturing data this evening, which could
affect energy and materials stocks. The headlines continue tomorrow
with European manufacturing and the crucial U.S. monthly jobs
report scheduled for before the opening bell.
Foreign-exchange markets are showing a modest pattern of risk
aversion as the euro, Australian dollar, and Canadian dollar all
decline slightly. The Japanese yen, often treated as a safe haven,
is up across the board.
Commodity markets are painting a similar picture: Oil and copper,
the most economically sensitive products, are both posting small
losses. Precious metals and most agricultural foodstuffs are lower
In company-specific news, JDS Uniphase is indicated to climb about
14 percent after its earnings and revenue beat expectations.
Qualcomm is up about 6 percent after strong smart-phone demand
resulted in strong profit and allowed management to raise
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.