OptionsHouse

Options Trading News

April 16, 2013  Tue 7:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are rebounding today from yesterday's selloff as attention turns to corporate earnings.

S&P 500 futures are up by more than half a percent and have been gaining in the last hour. Europe is trying to fight back from earlier losses. Asian stocks were mixed but little-changed in the overnight session. Precious metals are stabilizing after starting the week with historic declines.

Bad economic news and bombings at the Boston Marathon caused a 2.3 percent drop yesterday, but attention will now increasingly focus on the stream of quarterly results coming from companies such as Goldman Sachs, Johnson & Johnson, and Coca-Cola this morning, followed by tech giants Intel and Yahoo this afternoon.

Today's main economic headlines are housing starts and building permits at 8:30 a.m., followed by industrial production 45 minutes later. Consumer prices will also be reported but will probably not have a big impact on sentiment because inflation hasn't been a concern recently.

Monday's pullback brought the S&P 500 back to a potential support level where it consolidated between mid-March and last week. The question now facing investors is whether they should worry about signs of a slowing economy or focus on corporate results, which have inspired buying in recent quarters.

Foreign-exchange markets are also painting a much more optimistic picture today, with the euro and Australian dollar up by more than half a percent against the U.S. dollar. The Japanese yen, which tends to move in the opposite direction as stocks, is plunging by more than a full percentage point.

Commodities are mixed after yesterday's rout. Gold is up almost 2 percent after cratering 8 percent, while silver and copper are posting small gains. Energy prices are little-changed, and agricultural products are modestly higher.

In company-specific news, GS, JNJ, and KO are all posting small gains after reporting strong quarterly results. HCA, however, forecast weak revenue, making it the second hospital operator in the last week to issue weak guidance. (See our researchLAB tool for more on the industry group.)
Share this article with your friends


Related Stories

SPX

Stocks lower following ADP miss

April 1, 2015

S&P 500 futures remained down 0.3 percent after ADP's payrolls report missed estimates. Europe is rallying almost 1 percent after purchasing managers' data was revised higher across the region.

SPX

ADP, ISM data lead busy calendar

April 1, 2015

Today's agenda brings several important data points, including ADP's private-sector payrolls, the Institute for Supply Management's manufacturing index report, and auto sales.

SPX

Stocks drop amid Greek impasse

March 31, 2015

S&P 500 futures are down 0.6 percent, similar to moves in Europe. Tokyo and Shanghai fell about 1 percent overnight, while commodities and currencies are showing risk aversion.

SPX

Consumer confidence tops docket

March 31, 2015

Today brings of mix of potentially important economic news, including consumer confidence, home prices, and the Chicago Purchasing Managers Index.

SPX

Stocks climb with gains overseas

March 30, 2015

S&P 500 futures are up half a percent, while most of Europe is up more than a full percentage point. Shanghai kicked off the move overnight with stimulus hopes and central-bank comments.

OptionsHouse

TRADING WEEKLY OPTIONS

The fastest money in the market
View full report »

Premium Services

Free Webinar

Education & Strategy

Introduction to Theta

This week, we continue our discussion of the strike-based Greeks with Theta...

View more education articles »