MORNING WATCH, April 10
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April 10, 2007
Early indications point to a flat open, with no major news to guide the market in early trade. Two hours before the opening bell on Wall Street, stock index futures indicated that both the Dow Jones Industrial Average ($INDU) and the NASDAQ ($COMPQ) would open the trading session little changed.
Among the stocks to watch Tuesday, Citigroup (C) fell in overseas trading after the company announced plans to cut 17,000 jobs, or approximately 5% of its workforce. Alcoa (AA) is expected to see action. The Dow component kicks off the first quarter earnings-reporting season with a report due out after the closing bell today.
Bank of New York (BK) and Morgan Stanley (MS) host annual shareholder meetings. Applied Materials (AMAT) is trading up after Bank of America raised its rating to “buy”. However, Seagate Technology (STX) is set to gap down after the company lowered first quarter revenue guidance.
No economic data is due out today, but Fed speak could get some attention. Federal Reserve Governor Frederic Mishkin and Dallas Fed President Richard Fisher are due to give speeches later in the day.
Commodity prices are mostly higher. After plunging $2.77 a barrel on Monday, crude oil is up 29 cents to $61.80 a barrel. Gold (June) is up $4.90 to $681.70 an ounce. With little economic news of late, bonds are holding steady; with the benchmark ten-year Treasury note up a few ticks and its yield now at 4.75%.
For the stock market, there are few catalysts to drive trading Tuesday. Yesterday, the Dow added less than 10 points (which adds to a 20 point move higher Wednesday and a 30-point gain Friday.) Trading is cautious ahead of the earnings-reporting season, which doesn’t really kick off until next week. Inflation data due out Friday and Tuesday also has market moving potential. Until then, the market might remain rangebound because there is has been no real news to help investors make sense of the outlook for the economy and overall corporate profits.
Frederic Ruffy
Senior Writer
Optionetics.com ~ Your Options Education Site
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