Top News Before the Market Open
- BUZ INVESTORS Market Open On Wednesday stocks fell for a second straight day, weighed by lingering geopolitical concerns and Pres. Trump’s comments on the dollar and interest rates. The S&P closed below its 50-day moving average of 2,351 for the first time since the Nov. 8 election, snapping a 105-session streak that was the longest since a 130-session run in 2011. The VIX sits at its highest level since the election, indicating that investors need results rather than words to keep moving stocks forward. The dollar index slumped to its lowest level of the month after Trump told WSJ he thought the currency was getting “too strong.” Conversely, other traditional safe haven assets rose, building on yesterday’s gains, with the yield on the benchmark 10-year Treasury slipping below the psychologically key 2.30% level. Read more here.
OTHER STORIES BUZ TRADERS FOLLOW
- Q1 earnings season kicks off with major U.S. banks JPMorgan Chase, Citigroup and Wells Fargo all reporting its results today. The financial sector is projected to post a 15.4% profit gain, second only to energy among S&P sectors, with revenue rising 7.5%. JPMorgan Chase posted better than expected earnings with EPS of $1.65 versus $1.52 expected and revenue of $25.586B versus $24.877B expected. Read more here.
- Samsung’s Galaxy S8 pre-orders beating S7. “Initial response to the pre-orders that have begun at various places across the world have been better than expected,” Samsung’s mobile chief Koh Dong-jin tells an S8 media briefing. The new phone becomes available in the U.S. and South Korea next Friday. Read more here.
- Berkshire sells Wells Fargo shares, says it wants to keep stake under 10%. Berkshire Hathaway Inc. said late Wednesday it sold more than 7 million shares of Wells Fargo & Co. between April 10 and April 12, and it intended to file a report with the Securities and Exchange Commission later Wednesday to reflect that sale. Berkshire plans to sell nearly 2 million shares of Wells Fargo in the “near future,” the conglomerate said in a statement. Read more here.
- IEA cuts outlook for 2017 oil demand growth, sees 2nd straight annual drop. The International Energy Agency lowered its forecast for 2017 global oil demand growth to 1.3M bbl/day in its latest monthly market report, with growth expected to slow in 2017 for second year in a row. Read more here.
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