Futures on edge after 200-point swing in Dow
Global shares sink on weak Chinese data and concerns the Fed might start wind down its stimulus measures.
By Tim Parker
Investors went from euphoric to worrisome on Wednesday as the Dow Jones Industrial Average ($INDU) saw a 200 point swing, ending 0.5% lower. Technicians note that the charts show an outside reversal. In other words -- cause for concern.
There is a global selloff taking place this morning with the Dow poised to print a triple digit point loss at the open. Will it hold through the day or will we see another big reversal like we saw Wednesday?
S&P 500 futures are down 19.50 points to 1636
The EUR/USD was up at 0.23% to 1.2886
German 10-year government bond yields fell 3 basis points to 1.375%.
Italian 10-year government bond yields rose 8 basis points to 3.969%.
Gold was up 1.58% to $1,389 per ounce.
Asia Pacific markets
The Nikkei plunged 7.32% or 1143.23 to 14483.98. Weak Chinese data and the growing fear that the Federal Reserve might dial back its bond buying sooner than expected is causing a global selloff.
Other markets were mostly down. The Kopsi was down 1.24%, the Shanghai composite was down 1.16%, and the ASX 200, the Australian index, was down 2%.
European markets aren't immune from this morning's selloff. The Spanish Ibex Index was down 2.3% and the Italian FTSE MIB Index was down 3%. Meanwhile, the German DAX was down 2.77% and the French CAC 40 shed 2.57% while the U.K. market was down 2%.
Commodities were mostly lower with gold attracting some risk-off interest. WTI crude futures fell 1.33% to $93.03 per barrel while Brent crude futures fell 1.13% to $101.44 per barrel. Copper futures were down 2.28% to $330.35 and silver futures were up 0.08% to $22.49 per ounce.
The Japanese yen showed strength against the dollar, gaining 1.69% at101.41. The GBP/USD was up fractionally at 1.507, and the EUR/USD was up 0.27% to 1.2386.
Earnings reported Wednesday
Hewlett-Packard (HPQ) reported earnings per share of $0.87 -- 7% higher than the consensus number of $0.81. Revenues were light at $27.58 versus an expectation of $28.51 billion.
Lowe's (LOW) reported earnings per share of$0.49 versus estimates of $0.51 with revenues of $13.09 billion. Analysts expected $13.49 billion
Limited Brands (LTD) reported earnings per share $0.48 on revenues of $2.27 billion. Analysts expect $0.46 and $2.25 billion respectively.
Staples (SPLS) reported earnings per share of $0.26 versus estimates of $0.27. Revenues came in at $5.8 billion versus consensus of $5.93 billion.
Target (TGT) reported earnings per share of $1.05 versus the consensus of $0.86 on revenues $16.71 billion. The street expected $16.85 billion
Sears Holdings (SHLD) is expected to report loss per share of $0.65 with revenues of $8.16 billion.
Gap, Inc. (GPS) is expected to report earnings per share of $0.57 with revenues of $3.68 billion
Salesforce.com Inc. (CRM) is expected to report earnings per share of $0.10 with revenues of $887.1 million.
Marvell Technology (MRVL) is expected to report earnings per share of $0.14 with revenues of $721.55 million.
Pandora (P) is expected to report loss per share of $0.10 on revenues of $124.03 million.
Hewlett-Packard (HPQ) is up 14% on better than expected earnings.
Gamestop (GME) is up 3.31%. The company will report earnings today.
AMD (AMD) is down 4.04%
Citigroup (C) is down 3.37% with the rest of the sector on Wednesday's Fed comments.
Today, initial jobless claims will be reported at 8:30 a.m. ET, new home sales at 10:00 a.m., and natural gas inventories at 10:30 a.m.
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