Futures rise as Bernanke takes the stage
Investors await the Fed chief's Congressional testimony about the economy and monetary policy.
By Tim Parker
U.S. markets reached another record high Tuesday as the Dow Jones Industrial Average ($INDU) added 50 points and the S&P 500 ($INX) nearly three points. All eyes will be on Federal Reserve Chairman Ben Bernanke's testimony at 10:00 a.m. ET Wednesday.
Disney- (DIS) owned ESPN announced it will cut 300 to 400 jobs or 4%-6% of its workforce.
JPMorgan Chase (JPM) voted not to split the chairman and CEO roles.
Oklahoma tornado was listed as one of the top five costliest in history.
S&P 500 futures are up 1.75 points to 1667.25.
The EUR/USD was up at 0.19% to 1.293.
German 10-year government bond yields rose 1 basis point to 1.368%.
Italian 10-year government bond yields rose 2 basis points to 3.87%.
Gold was up 0.57% to $1,385.80 per ounce.
The Nikkei soared as the Bank of Japan left monetary policy unchanged. Bond yields were up 0.896% on the news and the Nikkei sat at 15627.26, up 1.6%. Other markets were mostly down. The Kopsi was up 0.64%, the Shanghai composite was down 0.21%, and the ASX 200, the Australian index, was down 0.28%.
European markets are lower this morning. The Spanish Ibex Index was down 0.61% and the Italian FTSE MIB Index was flat. Meanwhile, the German DAX was down 0.27% and the French CAC 40 shed 0.39% while the U.K. market was down 0.25%.
Oil was sharply lower overnight and metals were higher. WTI crude futures fell 0.53% to $95.67 per barrel while Brent crude futures fell 0.76% to $103.12 per barrel. Copper futures were up 1.09% to $338.00 and silver futures recovered from yesterday's selloff up 0.51% to $22.657 per ounce.
Corn prices fell to multi-week lows on reports that farmers are planting at a record pace after a late start to the planting season. Corn for July delivery sat at $6.40 per bushel.
The Japanese yen showed continued weakness against the dollar, falling to 102.92—a loss of 0.45% following the BOJ monetary policy announcements. The GBP/USD was down fractionally at 1.5086, and the EUR/USD was mostly unchanged 1.293.
Earnings reported Tuesday
Auto Zone (AZO) reported fiscal third quarter earnings per share of $7.27 versus consensus of $7.23. Revenues were $2.21 billion, slightly lower than analyst consensus of $2.22 billion.
Best Buy (BBY) reported first quarter earnings per share of $0.32 versus analyst consensus of $0.25. The company missed on revenue, reporting $9.38 billion versus estimates of $10.65 billion.
Home Depot (HD) reported first quarter earnings per share of $0.83 versus consensus of $0.75. Revenue came in at $19.1 billion. Analysts expected $18.67 billion.
Intuit (INTU) reported fiscal third quarter earnings per share of $2.97 versus consensus of $2.93. Revenues were in line at $2.18 billion.
Hewlett-Packard (HPQ) is expected to report earnings per share of $0.81 with revenues of $28.51 billion.
Lowes (LOW) is expected to report earnings per share of $0.51 with revenues of $13.49 billion
Limited Brands (LTD) is expected to report earnings per share of $0.46 with revenues of $2.25 billion.
Staples (SPLS) is expected to report earnings per share of $0.27 with revenues of $5.93 billion.
Target (TGT) is expected to report earnings per share of $0.86 on revenues of $16.85 billion
Investors are hesitant to make big bets ahead of Bernanke's testimony this morning but here are stocks moving after hours.
Newmont Mining (NEM) is up 0.97% as gold remains volatile.
Hewlett-Packard (HPQ) is up 0.62% ahead of earnings.
Carnival Corp (CCL) is down 3.61% after lowering guidance.
Wells Fargo (WFC) is up 0.54% on overall sector strength.
Fed Chairman Ben Bernanke will speak at 10:00 a.m. ET where he is expected to give dovish comments to Congress and quash rumors that the Fed is ready to cut back stimulus measures. Also on the calendar are existing home sales at 10:00 a.m. ET and the release of the FOMC minutes at 2:00 p.m. ET.
More from Benzinga
1. Make tax law as lax as possible, then blame the Corporations for abusing them; and
2. See that a few tens of thousands who depend on SNAP as a lifeline are in need of of a cutoff
because that was the sole cause of the Crisis of 2008;
3. Institute sequestration until it interferes with one's travel plans;
4. Question QE in a grandstanding manner, instead of passing a jobs bill which would obviate
the necessity of QE5; and
5. Give myself a raise for all that 'hard work' (you see, I did NOT vote in favor of that raise, folks...
so you can still re-elect me for all my devotion to fiscal prudence)
CON-gress = 535 (with few exceptions) Major Night Show standup jokes.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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