Daily Market Update

Daily Market Update

Daily Market Update Wall St. closes higher; Oil declines again; Yellen awaited
Thursday’s session on Wall Street saw markets digest mixed economic data but end the day higher with the Nasdaq outperforming while the S&P nudged above its previous record. The Dow was more subdued but still managed to shake off some dips to end slightly above the line. Investors are awaiting a speech by Fed chair Janet Yellen which is due at 1pm eastern time.  Asian markets have closed Friday with gains; Shanghai hit a 7-year record while Tokyo set a 15-year record as the Bank of Japan voted to maintain stimulus. Europe’s main indexes are mixed so far. An ECB meeting is taking place and its president Mario Draghi has spoken, saying that the Eurozone’s economic future is looking "brighter today than it has done for seven long years."

US stock futures are trending mainly higher. Oil is trending lower (Brent $66.07, WTI $60.37 at 6am ET). Gold is trending higher.
 
Today’s data
Consumer price index at 8.30am ET
Janet Yellen speaks at 1pm ET
Campbell Soup, Deere and Foot Locker are among the companies reporting earnings today.
 
HP to sell controlling stake in Chinese data unit for $2.3 billion
Hewlett-Packard says it will sell a 51 per cent controlling stake in its data networking business in China. The move aims to create a Chinese technology powerhouse reports Reuters. The sale to Chinese state-owned Tsinghua Unigroup will net HP around $2.3 billion. The new partnership is in keeping with those of many western companies who have found conditions in the technology space in China challenging without a local partner.
 
Oil glut could be here to stay thanks to OPEC
The president of Kerr Trading says that OPEC may flood the market with oil for years to come, keeping the oil price low. Kevin Kerr told CNN that if the cartel does not vote to change policy on output at its meeting next month then we can expect the glut to be around “for a very long time”.
 
Analysis shows brand values among investors
Apple, Facebook and GE are all companies whose brands are valued highly by investors but age makes a difference. TD Ameritrade research found that older investors (50+) favor GE stock in their portfolios, but the company ranks 4th with millennials and 5th with 35-49 year olds. Facebook does well with 25-49 year olds, ranking second in the level of holdings, but millennials are not so keen with the social media firm only 8th in their portfolios. Microsoft, Intel, Disney and Berkshire Hathaway all rank highly in portfolios especially with under 25’s. Apple ranks well with all generations.