Daily Market Update

Daily Market Update

Daily Market Update
Markets higher on expectation of Fed meeting
Asian markets have been in largely positive territory Tuesday as investors anticipate the Fed’s monetary policy committee meeting with optimism; the two day meeting begins today. European indexes have also seen gains so far this morning on the back of some good earnings results from some of the region’s blue chips. US stock futures are trending higher; oil is edging up; gold is lower.
 
Today’s data
ICSC-Goldman Store Sales at 7.45am ET
Durable Goods Orders at 8.30am ET
S&P Case-Shiller HPI at 9am ET
Consumer Confidence Index at 10am ET
Richmond Fed Manufacturing Index at 10am ET
Clear Channel, DuPont and Whirlpool are among those reporting today.
 
Apple and Alibaba tie-up?
The founder and executive chairman of China’s ecommerce giant Alibaba has hinted that he would like to work with Apple’s payments solution Apple Pay. Jack Ma says that he would be very interested in the idea, while Apple CEO Tim Cook has said the two will meet to discuss the possibilities soon and that he has “the utmost respect for Jack”. It’s not all plain sailing for Apple Pay at the moment though; Rite Aid and CVS have said they won’t be accepting the payment method, prompting Cook to say that there are plenty of other retailers who will!
 
Tough blow for US auto industry
A new report says that US and European vehicles are less reliable than Japanese models. The consumer report being revealed at an Automotive Press Association event in Detroit shows that Toyota has now topped the poll for ten years, beating the likes of Ford, GM and Volkswagen. Read the full story.
 
Goldman Sachs: S&P 500 heading to new heights
The chief US equities strategist of Goldman Sachs is predicting more records to be broken by the S&P 500 index in the coming months. David Kostin predicts that the index will hit a record 2,050 by the year end with another 10 per cent gain during next year.  Although the markets are a little bumpy currently Kostin believes that the US economy will continue to grow even if the global economy struggles to keep up. Read the full story.
 
Wal-Mart to offer used video games in stores
Wal-Mart has announced this morning that it will be rolling out sales of pre-owned video games through its 1,700 US stores. It’s seen as a new step in the battle between the superstores and specialist gaming retailer GameStop. Wall-Mart has been offering store credit for used games since March and is now putting those games back on sale. Read the full story.