Market Snapshot
Asia: Japan -0.1% to 18815. Hong Kong -0.7% to 24703. China -2.1% to 3265. India +0.5% to 29594.
Europe: London -0.1%. Paris flat. Frankfurt flat.
Futures : Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +1.4% to $50.30. Gold -0.1% to $1207.60.
Ten-year Treasury Yield +8 bps to 2.08%
Economic News
Auto sales
8:55 Chain Store Sales
Key earnings before today’s open
ACW, AZO, BBEP, BBY, BNS, DKS, INSY, JD, KATE, NAV, PRIM, RIGL, SSI, TEDU, TPH
Key earnings after today’s close
ABM, AMBA, AMRN, ASNA, AVAV, BOBE, BV, CDXS, CECO, EGL, GERN, LRE, REGI, SWHC, TIVO, TNET, VEEV, ZLTQ
Markets
U.S. stock futures are lower this morning, a day following the Nasdaq’s record close above the psychologically significant 5,000 level. This suggests a bit of exhaustion, where the broader stocks and the tech-laden index may struggle to hang onto yesterday’s record gains.
Earnings from Best Buy(BBY) and AutoZone (AZN), as well as monthly sales figures from car makers are also likely to drive trading action today. Car sales figures are in focus today . Economists expect total sales to have climbed to 16.7 million in February, up from 16.6 million in January.
Australian shares fell back from seven-year highs today after the Reserve Bank of Australia surprised markets by holding interest rates at 2.25% instead of lowering rates for a second consecutive month.
Strong German retail sales and advances in the U.S. helped to fuel a rise in European stocks earlier in the session, giving the DAX a 16.4% gain YTD. Retail sales rose by 2.9% M/M and 5.3% Y/Y in January, easily beating the forecast for a 0.3% M/M decline.
Stocks
Google has confirmed its plans to offer wireless phone service, promising the service will be small-scale and not intended to compete with the four big U.S. national carriers.
Alibaba will provide documents required by the Taiwan government, said Jack Ma, after the island fined the Chinese company and ordered it to withdraw from the country within six months. Taiwan claims the online retailer set up shop in the country via its Singapore unit when in fact it’s a mainland-Chinese company.
State-controlled Petrobras says it plans to sell $13.7B worth of assets in 2015 and 2016, far above the $5B-$11B outlined in its five-year $221B capital spending plan previously announced in February 2014.
allegations.
Ocwen Financial (OCN) sells its residential mortgage servicing rights on $45B of Fannie Mae (FNMA) loans to an undisclosed buyer. The announcement comes a week after Ocwen said it would sell servicing rights on $9.8B of loans backed by Freddie Mac (FMCC) to Nationstar Mortgage Holdings (NSM), as part of a strategy to transfer some types of non-strategic servicing.
Caesars Entertainment’s (CZR) reports a 2014 net loss of $1.01B, compared with a year-earlier loss of $1.76B. Last month, Caesars (NASDAQ:CZR) announced that chief executive Gary Loveman would step down later this year, but would remain chairman of Caesars Entertainment and Caesars Entertainment Operating Company.
Shares of Kate Spade & Co. are lower in pretrade action after the designer clothing company reported fourth-quarter earnings.
Pharmaceuticals company Mylan (MYL) could be active today after reporting earnings in line with forecasts late Monday.