Day Traders Diary
3/21/14U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade nearly six points above fair value.
Reviewing overnight developments:
Asian markets ended higher. Hong Kong's Hang Seng +1.2%, China's Shanghai Composite +2.7%, and Japan's Nikkei was closed was Spring Equinox Day.
Economic data was scarce:
Australia's CB Leading Index ticked up 0.2% month-over-month (last 0.8%).
New Zealand's Visitor Arrivals increased 2.2% month-over-month (prior 2.8%) and Credit Card Spending jumped 5.9% year-over-year (previous 9.4%).
In China, two major banks reportedly halted sales of high-yield trust products as the liquidity crunch continues.
Major European indices hold modest gains. Great Britain's FTSE +0.3%, France's CAC +0.3%, and Germany's DAX +0.5%. Elsewhere, Spain's IBEX +0.1% and Italy's MIB is unchanged.
Economic data was limited:
Eurozone current account surplus expanded to EUR25.30 billion from EUR20.00 billion (expected EUR18.40 billion).
Great Britain's Public Sector Net Borrowing increased GBP7.50 billion (consensus GBP8.60 billion, prior -GBP6.40 billion).
Italian Industrial New Orders rose 4.8% month-over-month (expected 2.1%, prior -4.8%) while Industrial Sales increased 1.2% month-over-month (previous -0.2%).
Among news of note:
Russian Prime Minister Dmitry Medvedev said Ukraine should repay $16 billion to Russia following the denunciation of a 2010 agreement, per which Ukraine received a discount on gas prices in exchange for a naval base in Sevastopol.
In U.S. corporate news:
Boeing (BA 121.90, -1.83): -1.4% after being downgraded to 'Neutral' from 'Buy.'
Nike (NKE 76.95, -2.32): -2.9% after the company's soft guidance overshadowed its above-consensus earnings and revenue.
Symantec (SYMC 18.80, -2.11): -10.1% after the company unexpectedly terminated Chief Executive Officer Steve Bennett, naming Michael Brown interim president and CEO.
TIBCO Software (TIBX 21.51, -0.08): -0.4% despite reporting better-than-expected earnings on in-line revenue.
Tiffany (TIF 88.75, -2.42): -2.7% after missing earnings estimates and issuing below-consensus guidance.
There is no economic data on today's schedule but quadruple witching (index futures, index options, stock options, and stock futures expiration) and index rebalancing will take place. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.