Learn the trade here. Make it on tradeMONSTER

Options Trading News

July 29, 2013  Mon 7:13 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are down slightly before a flood of economic news and corporate earnings this week.

Stock futures hit their lows late last night as worries about China's economy and a strong Japanese yen triggered losses of 2 percent to 3 percent in Asia. But Europe received a boost from earnings and merger news, lifting markets in Frankfurt, Paris, and London by more than 0.25 percent. S&P 500 futures have also recovered, and are now down by less than 0.2 percent. Treasury bond yields are also edging lower.

Pending home sales at 10 a.m. ET are the only item on today's agenda, but the calendar grows more active each day. Tomorrow brings consumer confidence data, the Case-Shiller index of home prices and economic sentiment data from Europe. Wednesday is packed with private-sector payrolls, second-quarter gross domestic product and the Federal Reserve's interest-rate decision.

Thursday features Europe's purchasing managers index and central-bank news, plus initial jobless claims and the Institute of Supply Management's forward-looking manufacturing index. Non-farm payrolls, perhaps the most important release each month, is scheduled for Friday morning.

Today's big earnings announcements include Hertz Global, Tenneco, Franklin Resources, Masco, and Herbalife.

The S&P 500 has spent more than a week hovering slightly above its previous all-time highs from May. Our researchLAB market scanner shows evidence of investors growing more cautious during that time by favoring non-cyclical health-care stocks over industrials. Transports have also lagged.

Other industry groups have shown strength. Gold and silver miners have outperformed, trying to rebound from more than a year of weakness. Chinese Internet companies, emerging markets, oil refiners, and videogame stocks have also been rallying in the last week.

Precious metals are up more than 1 percent today, which may continue to favor the miners. Brent crude is leading oil modestly higher, which could support refiners. Copper also rose fractionally despite the weakness in China overnight.

Trading in the foreign-exchange market is more cautious as the safe-haven Japanese yen posts small gains across the board. Currencies associated with risk appetite, such as the euro and Australian dollar, are also down slightly.

In company-specific news, advertising firm Omnicom rose about 4 percent after agreeing to merge with France's Publicis Groupe. Casino operator Wynn Resorts is down 1.5 percent after earnings and revenue missed expectations. Luxury retailer Saks also agreed to be acquired by Canada's Hudson's Bay department-store chain.
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