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Stock index futures are currently mixed, with the S&P 500 (SPY) +0.15% and the Nasdaq 100 (QQQ) -0.3% thanks to a 11% post-earnings dive in Cisco.
Excepting the periphery, Europe is moderately higher. Spain (EWP) -0.4%, Italy (EWI) -0.9%. Asia was nicely higher overnight, particularly the Nikkei which continues a major move, now up about 6% for the week.
The 10-year Treasury yield is up one basis point to 2.72% ahead of Janet Yellen's confirmation hearing. Her prepared remarks released last night were of little surprise - the best way to a more normal policy in the future is unusually easy policy now.
Stock index futures are off marginally following yesterday's sleep session.
The big mover overnight was again the Nikkei, with a 2.2% gain adding to Monday's 1.3% advance. A weaker yen is helping, and dollar/yen is threatening to punch through ¥100 for the first time since around Labor Day.
U.S. bond markets are open again and prices resume heading south. The yield on the 10-year Treasury is up by 3 basis points to 2.78%.
"I don't want to miss out." a Los Angeles real estate appraiser said in a note to his financial adviser last week after seeing one pundit up his DJIA forecast to 20K.
"Frankly, from 2009 until recently, I wanted to stay very conservative," says a technology sales manager. "I want to get more aggressive."
A Houston attorney and stock market skeptic was turned by her Schwab statement showing YTD gains of nearly 20%. She's planning on set aside more of her paycheck for stocks. "Sometimes you feel like it's too late. But it's probably never too late."
Stock index futures are marginally higher as markets try to regroup from yesterday's washout. Today brings the 8:30 ET release of the October jobs report and a strong one is likely to put the possibility of a December taper fully on the table. It's not a big number to beat as estimates are for a payroll gain of 120K and unemployment climbing to 7.3% from 7.2%.
Europe's off about 1% as was Asia overnight.
The 10-year Treasury yield is up a basis point at 2.61%.
S&P 500 (SPY) futures are ahead by 0.5%, DJIA (DIA) by 0.4%, and Nasdaq 100 (QQQ) by 0.35%, with the rush of quarterly earnings reports continuing to trump macro news for the moment. Tesla's off 11% in the premarket after last night's report.
Europe is posting moderate gains and Asia was mixed overnight.
The 10-year Treasury yield is off a basis point at 2.67%.
S&P 500 and DJIA futures are ahead by 0.2% and the Nasdaq 100 up 0.4% as earnings continue to come in, but at a slower pace. The upcoming payroll report on Friday takes on added importance after the FOMC's surprising hawkish tilt at last week's meeting put a December taper on the table.
Europe's ahead by a small and amount, and Asia was mixed overnight.
The 10-year Treasury yield is off 1 basis point to 2.61%. Prior to the FOMC meeting, it was 2.48%.
Investors poured another $12.4B into global equity funds in the week ended Wednesday, with BAML's Michael Hartnett saying another $8B-$9B of inflows over the next two weeks would trigger a contrarian sell signal in his firm's flow-based model.
This would coincide with BAML's Bull & Bear Index, which is getting a little to bullish for comfort. Fund manager cash levels were at 4.4% in October. A dip below 4% in November, says Hartnett, would trigger a bright red Sell alert.
Stock index futures edge a tiny bit higher as November gets underway following a big October for equity markets. We'll see if the national ISM data due at 10 ET repeats the blowout beat of the Chicago PMI yesterday.
Europe's off moderately and Asia was mixed overnight.
Treasury yields continue to back up in wake of the one-two punch of the FOMC's unexpectedly hawkish stance and the Chicago PMI print; the 10-year up another 2 basis points to 2.57%.
Still coming to grips with the slightest hawkish twist to the FOMC statement yesterday afternoon, S&P 500 (SPY) futures are down 0.25% and the Nasdaq 100 (QQQ) is off 0.45%. Facebook soared after a big earnings beat last night, then actually turned red during the earnings call, but is now higher by 3% in the premarket.
Europe opened to the downside, but is now mostly higher, and Asia was solidly lower overnight.
Treasury yields have regained some of their composure, the 10-year yield falling 3 basis points to 2.51%, after shooting higher yesterday afternoon post-statement. Gold's off 1% to $1,.335 per ounce.
Check that. Far from little-changed, traders use some real or imagined hint from the Fed statement to take a break from buying low and selling high, with the S&P 500 (SPY -0.7%) diving nearly 1% in a matter of minutes.
Perhaps at work here - and we're grasping at straws - is the removal from the statement of a line expressing concern about tightening financial conditions.
The Dow (DIA -0.6%), Nasdaq 100 (QQQ -0.4%), and Russell 2000 (IWM -1.5%).
Stocks look set for even more gains at least in the early going, with S&P 500 (SPY) and DJIA (DIA) futures +0.3% and the Nasdaq 100 (QQQ) +0.4%. The Fed ends its 2-day meeting today and no major changes are expected in the policy statement, though we'll check for hints about whether there is any chance the taper could start this year.
Earnings are coming from GM, Facebook, Starbucks, and Sprint, among others.
Europe's up moderately, and Asia was up sharply overnight.
All of this good equity news isn't enough to damage Treasurys - the yield on the 10-year is off 2 basis points to 2.49%.