March 19, 2024

S&P takes back overnight losses plus

Index & Sector performance 5/5/14

The Market:

The S&P futures moved lower in the Sunday overnight session attributed to weak economic data out of China as well continued unrest in Ukraine.  The futures continued lower throughout early trading Monday but found a bottom right at the open on an initial spike lower to 1860.50ES which was quickly bought and the index started a march higher reaching 1880ES by 2:30 pm ET.  The index spent the last hour consolidating the near 20 point intraday rally.  If 1872ES holds in overnight trading it appears the index could look to make a move toward last Friday’s highs of 1886ES.  On the downside we would be watching 1872ES, 1860.50ES, and lastly 1850ES.

Continuing with the recent trend, the Russell 2000 lagged and was the only of the major indices from the scoreboard above to close down on the day.  The day was let by the Nasdaq and the sector standout was the Utilities which has also led for the year to date.  Inside the Utilities the biggest gainer was Public Service Enterprise Group (PEG) posting a 1.88% gain.

In Economic Data today we had both Final Services PMI and ISM Non-Manufacturing PMI beat estimates.  Tomorrow we get the Trade Imbalance and FOMC member Stein speaks after the close.  We would not be surprised if Tuesday was a relatively quiet as Fed Chair Yellen testifies at 10 am ET on Wednesday.

Economic Calendar week of 5/5/14

 

Reporting EPS 5/6/14 Pre-Market:

There are even more than what is listed below so please visit the Events Calendar for the entire list.  Please remember we filter our list for companies with average trading volume over 300K.

Companies Reporting EPS 5/6/14 before the open


Analyst Comments:

Upgrades 5/5/14

Downgrades 5/5/14

Initiations 5/5/14

Price Target Changes 5/5/14

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