Learn the trade here. Make it on tradeMONSTER

Options Trading News

December 7, 2012  Fri 7:10 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES

Stocks are drifting lower as traders brace for key employment data this morning.

The S&P 500 is down by less about one-quarter of a percent, tracking similar declines in Europe. Asian markets were modestly higher overnight after the S&P 500 closed near its highs yesterday.

The index fell between mid-October and mid-November, rebounded quickly and has been trading in a tight range over the last two weeks as investors await resolution of the so-called fiscal cliff in Washington. Today they're also focusing on the monthly non-farm payrolls report at 8:30 a.m. ET, which is forecast to show that 85,000 jobs were created last month.

While normally important, today's job numbers carry less weight because they were probably reduced by Hurricane Sandy hitting New York and New Jersey in late October. Other employment data has been mixed this week, with ADP's private-sector payrolls report missing estimates on Wednesday but weekly jobless claims coming in better than expected.

The University of Michigan's index of consumer sentiment follows the job report at 9:45 a.m. ET. Economists forecast a reading of 82.4, down from 82.7 last month.

The main economic news overseas came from Germany, whose central bank lowered its 2013 growth outlook.

Currencies and commodities are also painting a cautious picture. The euro, Canadian dollar and Australian dollar, which tend to follow share prices, are all slightly lower. The Japanese yen, which moves in the opposite direction, is also higher across the board.

Crude oil and gold are down by about one-quarter of a percent. Copper is slightly positive and most agricultural foodstuffs are lower. Silver is dropping by almost a full percentage point.

In company-specific news, Irish drug maker Amarin is indicated to fall about 19 percent after saying it would borrow $100 million and market its Vascepa without the help of a partner.

Share this article with your friends


Related Stories

SPX

Futures spike up on central banks

November 21, 2014

S&P 500 futures are up 0.8 percent, but Europe is leading the charge with a move of more than 2 percent. Central bankers in China and Europe fueled the moves.

SPX

Quiet agenda before Thanksgiving

November 21, 2014

Today's calendar is empty, followed by a busy week heading into Thanksgiving next Thursday. The only items are quarterly results from Foot Locker and ANN.

SPX

Stocks pull back on weak global data

November 20, 2014

S&P 500 futures are down 0.4 percent, but the losses are much sharper in Europe. Australia was the only big mover in the Asia-Pacific region, with a drop of 1 percent overnight.

SPX

Economic, company news on tap

November 20, 2014

Initial jobless claims and consumer prices for October get the ball rolling at 8:30 a.m. ET. Best Buy, Dollar Tree, GasLog, and JinkoSolar announce quarterly results before the opening bell.

SPX

Stocks hold firm before housing data

November 19, 2014

S&P 500 are little-changed, fighting back from modest losses earlier in the morning. Italy and Germany are the biggest movers across the Atlantic, while Asia was moderately lower overnight.

Premium Services

Webinar Playback

eSignal "Back in Black": Multi-Speaker Free Webinar

Education & Strategy

Some things aren't what they seem

As we scan the Heat Seeker, Depth Charge, and other option-tracking systems, we sometimes see heavy activity in calls and...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER