March E-mini S&Ps (ESH16 -0.35%) are down -0.43% and European stocks are down -1.15% after Chinese leaders lowered growth expectations for this year to 6.5% to 7.0%, down from last year's target of around 7.0%. The price of copper declined on Chinese growth concerns, which dragged down miners and commodity producers, with Anglo American, Glencore and Randgold Resources all down more than 3%. Stock losses were limited as the price of crude oil climbed +1.56% to a 2-month high, which has given energy producing stocks a lift. Another negative for European stocks was the unexpected decline in Eurozone Mar Sentix investor confidence to a 14-month low. Asian stocks settled mixed: Japan -0.61%, Hong Kong -0.08%, China +0.81%, Taiwan +0.19%, Australia +1.04%, Singapore -0.48%, South Korea +0.20%, India closed for holiday.
The dollar index (DXY00 +0.22%) is up +0.29%. EUR/USD (^EURUSD) is down -0.45%. USD/JPY (^USDJPY) is down -0.19%.
Jun T-note prices (ZNM16 -0.08%) are down -3.5 ticks.
China's National People's Congress met over the weekend and outlined a growth range of between 6.5% and 7.0% for 2016, with 6.5% pegged as the baseline through 2020, less than last year's growth rate of 6.9% and the slowest expansion since 1990.
The Eurozone Mar Sentix investor confidence unexpectedly fell -0.5 to 5.5, weaker than expectations of +2.3 to 8.3 and the lowest in 14 months.
Key U.S. news today includes: (1) Fed Governor Lael Brainard's keynote speech at the annual conference of the Institute of International Bankers, (2) Fed Vice Chair Stanley Fischer's luncheon lecture at the annual NABE conference in Washington, and (3) Jan consumer credit (expected +$16.500 billion, Dec +$21.267 billion).
There are 2 of the Russell 1000 companies that reports earnings today: Urban Outfitters (consensus $0.56), and (2) Thor Industries (0.62).
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: Cowen and Company Health Care Conference on Mon-Tue, Deutsche Bank Media, Internet and Telecom Conference on Mon-Tue, Raymond James Institutional Investors Conference on Mon-Wed, Mitsubishi UFJ Securities: Oil & Gas Conference - New York on Tue, J.P. Morgan Aviation, Transportation & Industrials Conference on Tue-Wed, Piper Jaffray Technology Symposium on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.
Dunkin' Brands Group (DNKN +1.43%) was downgraded to 'Neutral' from 'Buy' at Guggenheim Securities.
Statasys Ltd. (SSYS +12.68%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.
Del Taco (TACO -2.60%) reported Q4 EPS of 12 cents, weaker than consensus of 16 cents, and then lowered guidance on fiscal 2016 EPS to 53 cents-56 cents, below consensus of 59 cents.
Cardinal Health (CAH -0.12%) was added to Goldman Sach's Conviction Buy list.
Pier 1 (PIR -0.18%) reported preliminary Q4 comparable sales were down -0.7%, a smaller decline than expectations of down -2.0% to -4.0%.
UDR Inc. (UDR -4.85%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.
Wynn Resorts (WYNN -3.29%) was upgraded to 'Boy' from 'Neutral at UBS.
Ingersoll-Rand (IR -0.24%) was upgraded to 'Buy' from 'Neutral' at Nomura with a price target of $68.
C. H. Robinson Worldwide (CHRW +1.64%) was downgraded to 'Market Perform' from 'Outpeform' at BMO Capital Markets.
Du Pont (DD +2.05%) climbed over 6% in after-hours trading after BASF said it was working with banks to weigh a counter bid for DuPont
Lattice Semiconductor (LSCC -0.86%) slumped 10% in after-hours trading after it said CFO Joe Bedewi will leave the company effective April 2.
Apache Corp. (APA +6.54%) said it will close its Alaska operations and won't pursue extensions of its acreage leases that are set to expire later this year.
Carmike Cinemas (CKEC +16.49%) was downgraded to 'Market Perform' from 'Outperform' at Barrington Research.
Mar E-mini S&Ps (ESH16 -0.35%) this morning are down -8.50 points (-0.43%). Friday's closes: S&P 500 +0.33%, Dow Jones +0.37%, Nasdaq +0.07%. The S&P 500 on Friday climbed to a 2-month high and settled higher after U.S. Feb non-farm payrolls rose more than expected (+242,000 vs. expectations of +195,000). Also, a rally in energy and commodity producers gave the overall market a lift after crude oil climbed to a 2-month high, gold rallied to a 13-month high and copper rose to a 4-month high. A negative for stock factor was the unexpected -0.1% m/m decline in U.S. Feb avg hourly earnings, weaker than expectations of +0.2% m/m and the first decline in 14 months.
Jun 10-year T-notes (ZNM16 -0.08%) this morning are down -3.5 ticks. Friday's closes: TYM6 -13.50, FVM6 -9.75. Jun T-notes on Friday tumbled to a 1-month low after U.S. Feb non-farm payrolls rose more than expected, which bolsters the case for the Fed to keep raising interest rates. T-notes were also pressured after the S&P 500 rallied to a 2-month high, which reduced the safe-haven demand for T-notes.
The dollar index (DXY00 +0.22%) this morning is up +0.286 (+0.29%). EUR/USD (^EURUSD) is down -0.0050 (-0.45%). USD/JPY (^USDJPY) is down-0.22 (-0.19%). Friday's closes: Dollar Index -0.252 (-0.26%), EUR/USD +0.0048 (+0.44%), USD/JPY +0.05 (+0.04%). The dollar index on Friday fell to a 1-1/2 week low as the unexpected decline in U.S. Feb average hourly earnings (-0.1% m/m vs. expectations of +0.2% m/m) may keep the Fed from raising interest rates. EUR/USD rallied after the German Feb Markit construction PMI rose +1.7 to a record high 59.6 (data from 2013).
Apr WTI crude (CLJ16 +1.67%) this morning is up +56 cents (+1,56%) at a 2-month high and Apr gasoline (RBJ16 +0.62%) is up +0.0060 (+0.45%). Friday's closes: CLJ6 +1.35 (+3.91%), RBJ6 +0.0333 (+2.56%). Apr crude oil and gasoline on Friday closed higher with Apr crude at a 2-month high after the dollar index sold off to a 1-1/2 week low and after data from Baker Hughes showed U.S. active oil rigs fell by 8 to a 6-1/4 year low of 392 in the week ended Mar 4, which should curb future U.S. crude production.
|US||1100 ET||USDA weekly grain export inspections.|
|1200 ET||Fed Governor Lael Brainard is keynote speaker at the annual conference of the Institute of International Bankers.|
|1300 ET||Fed Vice Chair Stanley Fischer delivers luncheon lecture at the annual NABE conference in Washington.|
|1500 ET||Jan consumer credit expected +$16.500 billion, Dec +$21.267 billion.|
|JPN||0000 ET||Japan Jan leading index CI expected -0.5 to 101.6, Dec 102.1. Jan coincident index expected +2.9 to 113.8, Dec 110.9.|
|1850 ET||Revised Japan Q4 GDP expected -1.6% (q/q annualized), previous -1.4% (q/q annualized).|
|2330 ET||Japan Feb bankruptcies, Jan -6.38% y/y.|
|GER||0200 ET||German Jan factory orders expected -0.3% m/m and unch y/y, Dec -0.7% m/m and -2.7% y/y.|
|EUR||0430 ET||Eurozone Mar Sentix investor confidence expected +2.3 to 8.3, Feb 6.0.|
|UK||1901 ET||UK Feb BRC sales like-for-like expected +0.5% y/y, Jan +2.6% y/y.|
|CHI||n/a||China Feb trade balance expected +$50.75 billion, Jan +$63.29 billion. Feb exports expected -15.0% y/y, Jan 11.2% y/y. Feb imports expected -10.2% y/y, Jan -18.8% y/y.|
|Superior Industries International Inc||SUP US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.345|
|Greif Inc||GEF US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.323|
|Federated National Holding Co||FNHC US||8:00||Q4 2015 Earnings Release||Q4 2015||0.744|
|Lumos Networks Corp||LMOS US||8:00||Q4 2015 Earnings Release||Q4 2015||0.073|
|Casey's General Stores Inc||CASY US||16:00||Q3 2016 Earnings Release||Q3 2016||0.925|
|TG Therapeutics Inc||TGTX US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||-0.317|
|United Natural Foods Inc||UNFI US||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.478|
|Hill International Inc||HIL US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.107|
|ICF International Inc||ICFI US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.747|
|Neff Corp||NEFF US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.363|
|Heritage-Crystal Clean Inc||HCCI US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.177|
|CatchMark Timber Trust Inc||CTT US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.07|
|Quanex Building Products Corp||NX US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||-0.093|
|Addus HomeCare Corp||ADUS US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.286|
|Atlas Financial Holdings Inc||AFH US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.355|
|Douglas Dynamics Inc||PLOW US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.563|
|Otonomy Inc||OTIC US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||-0.958|
|Xencor Inc||XNCR US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||-0.295|
|Preferred Apartment Communities Inc||APTS US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.325|
|Jones Energy Inc||JONE US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||-0.058|
|Shake Shack Inc||SHAK US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.073|
|Lion Biotechnologies Inc||LBIO US||Q4 2015 Earnings Release||Q4 2015||-0.2|