Futures lower ahead of earnings
11 S&P 500 companies are set to report Thursday.
In other news, the Italian global trade balance shrunk in November but less than expected, declining to 2.36 billion euros from a downward-revised 2.42 billion but much better than economist estimates of a 1.91 billion euro balance.
Germany auctioned benchmark 10-year bunds to yield 1.56%, higher than the 1.4% seen at the previous auction.
New car registrations in the European Union dropped a massive 16.3% in December and fell 8.2% in all of 2012 to 12.05 million vehicles.
- S&P 500 futures fell 3.7 points to 1,461.50.
- The EUR/USD was was slightly lower at 1.3303.
- Spanish 10-year government bond yields rose to 5.036%.
- Italian 10-year government bond yields rose to 4.232%.
- Gold futures fell 0.27% to $1,679.40 per ounce.
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Asian shares were mostly lower overnight on yen strength and on weak Chinese Foreign Direct Investment data. The Japanese Nikkei Index fell 2.56% and the Shanghai Composite Index fell 0.72% while the Hang Seng Index fell 0.1%. Also, the Korean Kospi fell 0.32% and Australian shares rose 0.46%.
European shares were lower overnight led lower by Italian shares following the trade data. The Spanish Ibex Index declined 0.78% and the Italian MIB Index fell 1.31% in early trade. Meanwhile, the German DAX fell 0.24% while the French CAC declined 0.35% and U.K. shares fell 0.5%.
Commodities were mixed overnight with oil futures rising modestly and metal futures lagging. WTI crude futures rose 0.14% to $93.41 per barrel and Brent crude futures rose 0.17% to $110.49 per barrel. Copper futures declined 0.37% to $362.35 per pound as Chinese weakness weighed on the market. Gold was lower and silver futures fell 0.77% to $31.29 per ounce.
Currency markets continued to reverse recent moves as the yen gained and the Aussie dollar declined. The EUR/USD was lower at 1.3303 and the dollar fell 0.78% against the yen to 88.10. Overall, the Dollar Index fell 0.13% with the yen Swiss franc weakness being offset by strength against the Canadian dollar, the pound, and the Swedish krone. Also, the Australian dollar declined 0.14% against the greenback and the yen strength was seen most in the EUR/JPY cross, declining 0.7%, and the AUD/JPY cross, declining 0.83%.
Stocks moving in the premarket included:
- Carnival Corporation (CCL) shares rose 1.59% as the company moved to dismiss U.S. lawsuits relating to the Costa Concordia case.
- Boeing (BA) shares fell 5.3% premarket as another 787 jet, this one owned by ANA Airlines, caught on fire and the airline grounded all 787's.
- Dell (DELL) shares fell 2.43% after gaining more than 7% Tuesday following reports that the company could be a private equity target.
- EBay (EBAY) shares fell 0.68% ahead of its earnings report.
Notable companies expected to report earnings Wednesday include:
- EBay (EBAY) is expected to report fourth quarter earnings per share of $0.69 vs. $0.60 a year ago.
- Goldman Sachs (GS) is expected to report fourth quarter EPS of $3.66 vs. $1.84 a year ago.
- JPMorgan Chase (JPM) is expected to report fourth quarter EPS of $1.19 vs. $0.90 a year ago.
- M&T Bancorp (MTB) is expected to report fourth quarter EPS of $2.18 vs. $1.04 a year ago.
- The Bank of New York Mellon (BK) is expected to report fourth quarter EPS of $0.54 vs. $0.42 a year ago.
On the economics calendar Wednesday, MBA Purchase Applications and the Consumer Price Index are expected to be released, followed by TIC flows and Industrial Production Data. After, the NAHB Housing market Index is due to be released and the EIA Petroleum Report is due out followed by the Beige Book. In addition, Naryana Kocherlakota is set to speak twice Wednesday and Richard Fisher of the Dallas Fed is set to speak. Overnight, Spanish and French bond auctions, Australian employment data, and the ECB's monthly report should set the market's tone.
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A light news day combined with heavy technicals weighed on the market.
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