Learn the trade here. Make it on tradeMONSTER

Options Trading News

January 16, 2013  Wed 7:13 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are poised to decline from historical highs today as caution reigns in global markets.

S&P 500 futures have been weakening in the last hour and are now down by about 0.25 percent, following similar losses in Europe. Asia was mostly lower as well, led by a 2.5 percent plunge in Tokyo's Nikkei index.

Investors have spent the last four sessions debating whether to keep buying after the index returned to a five-year intraday high or to wait for a pullback. Traders appear to be waiting for the oncoming wave of quarterly reports, with a heavy focus on banks and other financial names this week.

Another factor weighing on sentiment today is a snapback rally by the Japanese yen, which tends to move in the opposite direction as stocks and commodities. The yen is higher across the board today, corresponding with drops in the euro, Australian dollar, and Canadian dollar.

Oil has relinquished small gains this morning, while copper and other metals are down by 0.5 percent to 1 percent. Most agricultural foodstuffs are modestly higher.

Financials are mostly lower after reporting results. JP Morgan fell 1 percent after its profit beat expectations but revenue missed consensus. U.S. Bancorp issued similar numbers, though its net income may not be comparable with estimates because it was affected by unusual items. Bank of New York Mellon fell 3 percent.  

Goldman Sachs bucked the trend with top-line and bottom-line results that were much better than expected, sending its shares higher by 2 percent. Citigroup and Bank of America follow with their results tomorrow morning.

In other company news, Boeing is down about 4 percent after major Japanese airlines grounded its new Dreamliner after one of planes was forced to make an emergency landing. Chipotle Mexican Grill fell about 9 percent after pre-announcing weak fourth-quarter results, while Vera Bradley may climb after raising guidance.
Share this article with your friends


Related Stories

SPX

Ford, Whirlpool, Tyco report today

April 25, 2014

Earnings reports are the only events on today's calendar. Next week shifts attention back to economic news.

SPX

Stocks climb on Apple, Facebook

April 24, 2014

S&P 500 futures are up almost 0.4 percent, while the Nasdaq 100 is up 1.4 percent. European markets are up more than 0.5 percent, though Asia was mostly lower in the overnight session.

SPX

Durable goods, jobless data on tap

April 24, 2014

The earnings calendar is heavy as well, with results from Caterpillar, GM, UPS, Verizon, Eli Lilly, Freeport-McMoRan, PulteGroup, D.R. Horton, Starwood, and American Airlines.

SPX

Equities retreat after quick rally

April 23, 2014

S&P 500 futures are off about 0.1 percent, while Europe is lower by about 0.5 percent. Asia was mixed overnight, with Tokyo up 1 percent and Hong Kong down by a similar amount.

SPX

Earnings, manufacturing on tap

April 23, 2014

In addition to HSBC/Markit's preliminary purchasing managers indexes for China and Europe, we will get earnings from Boeing, Delta Air Lines, Biogen Idec, EMC, and Dow Chemical this morning.

Premium Services

Education & Strategy

Options and high-frequency trading

There has been much talk lately of high-frequency trading (HFT) and what it does--or doesn't--mean to the markets and retail...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER