Market Snapshot
Asia: Japan +0.1% to 18798. Hong Kong -0.3% to 24823. China +0.4% to 3310. India +1.7% to 29220.
Europe: London -0.2%. Paris +0.1%. Frankfurt -0.1%.
Futures: Dow -0.1%. S&P -0.2%. Nasdaq -0.1%. Crude +2.1% to $49.18. Gold -0.3% to $1206.
Ten-year Treasury Yield +4 bps to 2.01%
Economic News
8:30 GDP Q4
9:45 Chicago PMI
9:55 Reuters/UofM Consumer Sentiment
10:00 Pending Home Sales
Key Earnings before the open
AAON, CAS, CNCE, CST, CVT, DCIX, DFRG, GDP, GLOG, GVA, HMSY, HPT, HTH, HZNP, ISIS, KERX, LBY, NRF, NRG, NWN, NYLD, PNM, POM, PTCT, RDC, SJI, TTI, WMC, XLS
Markets
Stocks are poised to open flat this morning as investors await a slew of key economic numbers this morning. Ahead of the opening bell, the first revision to GDP figures showed the U.S. economy grew at a revised 2.2% in the fourth-quarter of 2014, a slower pace than originally estimated but still better than expected.
The dollar held on to gains after the U.S. Dollar Index hit levels not seen since 2003 on Thursday. European stocks were also in negative territory, while property shares dragged Hong Kong stocks lower.
Germany’s parliament approved an extension of Greece’s bailout today after Finance Minister Wolfgang Schaeuble spoke in favor of the deal. The Bundestag vote was the only major parliamentary hurdle for the four-month extension to the bailout program, as other EU countries are expected to vote in favor of the deal, approved by eurozone finance ministers earlier this week.
Upbeat Japanese industrial output data led the Nikkei to hit fresh 15-year highs today, while retail sales slid and inflation slowed, underscoring strength in export industries and weak domestic demand. Production jumped 4% in January, while retail sales fell 1.3% and household spending dropped, highlighting the uneven nature of the country’s economic recovery.
Crude oil futures rebounded this morning, with Brent heading for its biggest monthly gain since May 2009, as a reduction in rig counts and healthy growth in Chinese demand this year supported prices.
The FCC has approved net neutrality restrictions on the Internet, reclassifying broadband services under Title II of the Telecommunications Act, on a party-line vote of 3-2.
Stocks
Apple Inc. could be in focus this morning after Smartflash says it’s again suing the tech giant, just two days after winning $532M from the tech giant. This time the company is suing overAAPL’s use of its technology without permission in devices not included in the previous case, such as the iPhone 6 and iPad Air 2. Ericsson AB also says it will sue the tech giant for infringing on 41 patents it says are crucial to the functionality of Apple’s devices.
Baker Hughes will publish new drilling-activity data later. Analysts said that could weigh on WTI further, if it shows the decline in the U.S. oil-rig count hasn’t picked up the pace.
The Nikkei and Chinese media report that Microsoft (NASDAQ:MSFT) is planning to cut 9,000 jobs at two Chinese phone manufacturing plants that originally belonged to Nokia (NOK), and will move some of the production to Vietnam. The layoffs come as Microsoft continues to deal with a Chinese antitrust probe, and a far-reaching effort by China to lower its dependence on foreign tech suppliers.
GameStop will likely increase the number of its Spring Mobile stores after the company bid for the right to take 163 leases over from bankrupt electronics retailer RadioShack (RSH). RadioShack will ask U.S. Bankruptcy Judge Brendan Shannon today to approve the agreement.
J.C. Penney reported a lower-than-expected quarterly adjusted profit as it discounted more during the holiday season and invested in store expansions. Earnings broke even on a per share basis, compared with average analyst estimates of a profit of $0.11 per share.
Herbalife surprised Wall Street after the bell yesterday, reporting earnings that beat both consensus estimates and the company’s own projections, but overall guidance for 2015 was revised down.