This morning's price action really started last night after the close with the earnings reports from INTC, YHOO, and AAPL:
(WSJ.com) - Intel, Yahoo, and Apple all reported a surge in quarterly earnings, a sign that a consumer-led recovery is accelerating in many technology sectors. Samsung Electronics said fourth-quarter net rose 24%, driven by sales of products that are more sophisticated and profitable.
And we basically got what we expected, which is the "sell on news" effect.
This is a 5-minute chart of the NASDAQ futures after the earnings releases. Traders then focused on IBM's earnings announcement to save the day, because it was moved up from its scheduled January 20 release:
(WSJ.com) - IBM's net jumped in the fourth quarter, helped by the benefits of a weaker U.S. dollar and signs of life in spending by corporations on technology.
On the U.S. economic calendar today, we've already seen the NY Empire State Index, retail sales, and the consumer price index come and go. We still have a number of events on deck today:
- 11:00AM Kansas City Federal Reserve Bank President Thomas Hoenig to appear on panel discussion in Broomfield, Colorado.
- 11:30AM San Francisco Federal Reserve Bank President Robert Parry delivers keynote speech on U.S economic outlook at the Casden Real Estate Economics Conference in Los Angeles.
- 12:00NOON Philadelphia Fed Survey
- 2:00PM Treasury Budget
- 4:30PM Money Supply
The only high profile earnings release due after the market today is from SUNW.
04.01.15 08:40 #