Daily Market Update

Daily Market Update

Daily Market Update Wall St. closes mixed Tuesday; oil prices lower as Middle East tension eases
US stocks closed mixed Tuesday as investors weighed earnings reports with little economic data to affect trading. The Dow and S&P indexes were down slightly while the Nasdaq was unchanged. Oil prices have declined overnight as Saudi Arabia ended its month-long military campaign in Yemen on hopes that a peaceful solution to tensions there could be found. Experts suggest that increasing demand could soon push barrel prices higher though. Asian markets closed mixed Wednesday with Shanghai and Tokyo hitting new multi-year highs on Japan’s export data, which was stronger in March; and China’s latest stimulus. Earnings have subdued the European markets so far with UK retailer Tesco creating a new record for the largest ever loss by a British company; a whopping $9.5 billion full-year pre-tax loss.
US stock futures are trending lower. Oil is trending lower (Brent $61.84, WTI $56.27 at 5.50am ET). Gold is trending lower.
 
Today’s data
MBA mortgage applications at 7.00am ET
FHFA house price index at 9.00am ET
Existing home sales at 10.00am ET
EIA petroleum status at 10.30am ET
AT&T, Coca-Cola, eBay, Facebook and McDonalds are among the companies reporting earnings today.
 
UK ‘flash crash’ trader in court for extradition hearing
The UK trader accused of causing a ‘flash crash’ on the stock market in 2010 is appearing in court Wednesday and faces extradition to the US. Thirty-six year old Navinder Singh Sarao of West London has been charged by the US Justice Department for wire fraud, commodities fraud and manipulation and ‘spoofing’ (placing a bid/offer with the intention of canceling it before execution.) CNBC reports that US authorities want Sarao tried here for causing the market to drop 1000 points on May 6, 2010.
 
Majority of Americans like the Obama economy
A poll by CNN/ORC shows that 52 per cent of respondents think that the Obama economy is good or very good while 48 per cent think it’s very or somewhat poor. Optimism in the economy is at the highest since the recession and bodes well for Hillary Clinton’s White House campaign. When asked if they believe the economy will still be in good shape in 12 months time, two thirds said it would.
 
Ice cream firm says it’s made no lay-offs in 100 years and won’t now
Blue Bell ice cream, currently the subject of a massive product recall, says it hasn’t made any lay-offs in 100 years and won’t start now. The firm employs 4,000 at locations in Texas, Oklahoma and Alabama. Concern that some products may be contaminated with Listeria has prompted the firm to recall all of its products from shelves on Monday. The privately held company is hoping to begin shipping products again within a few weeks.