Morning Watch, Feb. 22
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February 22, 2008
Stocks are set to open steady Friday morning, with not much meaningful news to guide the early action. Approximately thirty minutes before the opening bell on Wall Street, stock index futures indicated that both the Dow Jones Industrial Average ($INDU) and the NASDAQ Composite Index ($COMPQ) would open the trading session with modest gains.
There are very few catalysts to drive the market this morning, including no earnings reports of broad market significance. Fannie Mae (FNM) and Freddie Mac (FRE) might see early selling after Merrill downgraded the two mortgage finance companies to “sell” from “neutral”.
Ely Lilly (LLY) is higher after the FDA gave the company said that the FDA has given priority review to its experimental heart medicine prasugrel.
Commodity-related stocks could resume their winning ways after gold made a run to $950 an ounce. Meanwhile, crude oil is up 60 cents to $98.83 a barrel.
No economic stats are due out today. Dallas Fed President Fisher speaks at 1:30 p.m. Eastern time.
With little else to guide trading, bonds are steady and the buck is lower. The benchmark ten-year Treasury bonds were recently down 2/32nd and the yield is now 3.78 percent. Meanwhile, the buck is fell to 107.1 on the yen and to 1.484 on the euro.
Overall, there is very little news to guide the early action and trading is relatively uneventful throughout the global financial markets. Consequently, the major averages might see some corrective action and open modestly higher after yesterday’s 143-point slide in the Dow.
Frederic Ruffy
Senior Writer
Optionetics.com ~ Your Options Education Site
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