Market Alert - Pre-Market

Futures vs FV: SP -4.72, DJ -35.89; NASDAQ -11.52

AAPL is the main earnings story, but a lot of other earnings reports are out there. AAPL is trading off less than 2 points after missing on revenues. Very interesting reaction given the iPhone sales were light and revenues missed, but the services growth was good, the company says this fastest growing segment will double, etc. Damage control and early on it is working.

Beats: MDLZ; YUM; NYT; EL; GRMN; FEYE; AKAM (but horrible guidance)

Misses: AAPL (TL); GRPN (TL); PBPB; ETSY (TL); CRAY; ADP (TL)


FOMC rate decision on deck at 2:00ET. Some speculate with the weakening US data the Fed will throttle back. Not expecting any real change in the statement on just this recent data. How could the Fed admit that, yet again, it has acted WHOLLY CONTRARY to the economic cycle, starting rate hikes years after it should have and now hiking as the economy slows.


EU Q1 GDP: 0.5% VS 0.5% expected vs 0.4% prior. Year/year: 1.7% vs 1.7% prior


ADP Employment: 177K vs 170K exp vs 255K (FROM 263k)

Services +165K, goods producing 12K.


OTHER MARKETS
Bonds: 2.291% vs 2.289%

EUR/USD: 1.0917 vs 1.09284

USD/JPY: 112.356 vs 112.037. Dollar stronger again.

Oil: 47.78, +0.12. Up on a record draw in oil, draw in gasoline. Wow, what a 'jump.' Doesn't appear anyone is believing it.

Gold: 1253.80, -3.20


At least at the start it does not look as if SP500, DJ30 et al will use NASDAQ's weakness to break higher. Right now money is tentative as futures trade at morning lows heading into the bell. We will see if that weaker open leads to bids returning in the indices that tested while NASDAQ rallied, setting up good points to move high off.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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