OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.54%) are down -0.47% and European stocks are down -1.44%, as a stronger dollar undercuts commodity prices and drags down raw-material and energy producing stocks. Hawkish comments from Fed officials this week have bolstered the chance of a Fed rate hike next month and boosted the dollar and led to a sell-off in commodities. Crude oil is down -2.26% at a 1-week low, gold is down -0.41% at a 1-month low, and copper is down -0.51% at a 1-week low. Asian stocks settled lower: Japan -0.64%, Hong Kong -1.31%, China -1.63%, Taiwan -0.26%, Australia -1.13%, Singapore -1.20%, South Korea -0.47%, India closed for holiday. Losses in crude oil producers led Chinese stocks lower after PetroChina Co. posted its weakest annual profit since 1999. The yuan slipped to a 1-week low against he dollar after the PBOC lowered its reference rate for yuan by 0.33%, the most in 2-1/2 months.

The dollar index (DXY00 +0.16%) is up +0.15% at a 1-week high. EUR/USD (^EURUSD) is down -0.09% at a 1-week low. USD/JPY (^USDJPY) is up +0.23% at a 1-week high.

Jun T-note prices (ZNM16 +0.04%) are up +0.5 of a tick.

In its monthly Economic Bulletin published today, the ECB said the monetary-policy package announced this month "will exploit the synergies between the different instruments and has been calibrated to further ease financing conditions, stimulate new credit provision and thereby reinforce the momentum of the Eurozone's economic recovery and accelerate the return of inflation."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard's speech on the U.S. economy and monetary policy at an even hosted by the New York Association for Business Economics, (2) weekly initial unemployment claims (expected +3,000 to 268,000, previous +7,000 to 265,000) and continuing claims (expected unch at 2.235 million, previous +8,000 to 2.235 million), (3) Feb durable goods orders (expected -3.0% and -0.3% ex-transportations, Jan +4.7% and +1.7% ex-transportation) (4) Mar Markit services PMI (expected +1.7 to 51.4, Feb -3.5 to 49.7), and (5) Mar Kansas City Fed manufacturing activity (Feb -3 to -12).

There are 4 of the Russell 1000 companies that report earnings today: Accenture (consensus $1.18), Signet Jewelers (3.63), GameStop (2.27), Carnival Corp (0.32).

U.S. IPO's scheduled to price today: none.

Equity conferences during the remainder of this week include: BB&T Capital Markets Commercial & Industrial Investors Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Wells Fargo (WFC -1.21%) was rated a new 'Sell' at UBS With a aprice target of $45.

General Dynamics (GD -0.68%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Concordia Healthcare (CXRX -2.56%) reported Q4 adjusted EPS continuing operations of $1.24, below consensus of $1.30.

T-Mobile (TMUS -0.56%) was rated a new 'Buy' at FBR Captal with a price target of $40.

Dollar General (DG +0.73%) said that it will open 900 new stores in 2016 and 1,000 in 2017.

H.B. Fuller (FUL -2.26%) reported Q1 adjusted EPS of 43 cents, above consensus of 39 cents, although Q1 revenue of $474.3 million was below consensus of $477.8 million.

Sportsman's Warehouse Holdings (SPWH -1.29%) dropped 7% in after-hours trading after it said it sees fiscal year EPS of 65 cents-73 cents, below consensus of 75 cents.

Oxford Industries (OXM -2.79%) lowered guidance on fiscal year adjusted EPS to $3.75-$3.95, below consensus of $3.99.

PVH Corp. (PVH -1.53%) rose over 3% in after-hours trading after it reported Q4 adjusted EPS of $1.52, above consensus of $1.46, and said it sees Q1 adjusted EPS of $1.40-$1.45, well above consensus of $1.33.

KB Home (KBH -3.82%) rallied over 7% in after-hours trading after it reported Q1 EPS of 14 cents, higher than consensus of 11 cents.

Lannett (LCI +0.15%) lost 1% in after-hours trading after it lowered guidance on fiscal 2016 net sales to $555 million-$565 million from a prior forecast of $585 million-$595 million, below consensus of $582.2 million.

Office Depot (ODP +2.09%) climbed nearly 9% in after-hours trading after the judge handling the Federal Trade Commissionís (FTC) lawsuit to prevent Staples' planned merger with Office Depot rebuked the FTC over its legal tactics and accused them of pressuring Amazon to provide favorable testimony.

Terex (TEX -2.78%) jumped 10% in after-hours trading after it received a revised $31-a-share bid buyout offer from Zoomlion.

Vitae Pharmaceuticals (VTAE -4.27%) slipped 2% in after-hours trading after it started a secondary share offering via Piper Jaffray and BMO Capital Markets.

Reeds (REED -1.11%) slumped over 10% in after-hours trading after it reported a fiscal 2015 loss of -30 cents, a bigger loss than consensus of -28cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 -0.54%) this morning are down -9.50 points (-0.47%). Wednesday's closes: S&P 500 -0.64%, Dow Jones -0.453%, Nasdaq-0.79%. The S&P 500 on Wednesday closed lower on weakness in commodity and energy producers as commodity prices sold off and on hawkish comments by St. Louis Fed President Bullard who said the FOMC should consider raising interest rates at next month's meeting amid the prospects of inflation and unemployment exceeding Fed targets.

Jun 10-year T-notes (ZNM16 +0.04%) this morning are up +0.5 of a tick. Wednesday's closes: TYM6 +17.00, FVM6 +10.25. Jun T-notes on Wednesday closed higher on increased safe-haven demand for T-notes as stocks declined and on the sell-off in crude oil, which reduced inflation expectations.

The dollar index (DXY00 +0.16%) this morning is up +0.146 (+0.15%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0010 (-0.09%) at a 1-week low. USD/JPY (^USDJPY) is up +0.26 (+0.23%) at a 1-week high. Wednesday's closes: Dollar Index +0.398 (+0.42%), EUR/USD -0.0036 (-0.32%), USD/JPY +0.01 (+0.01%). The dollar index on Wednesday closed higher on comments from Philadelphia Fed President Harker who said that "it is appropriate to consider every FOMC meeting live" for an interest rate hike and comments from St. Louis Fed President Bullard who said the FOMC should consider raising interest rates at next month's meeting as "I think we are going to end up overshooting on inflation" and the natural rate of unemployment.

May WTI crude (CLK16 -2.24%) this morning is down -90 cents (-2.26%) at a 1-week low and May gasoline (RBK16 -1.31%) is down -0.0182 (-1.23%). Wednesday's closes: CLK6 -1.66 (-4.00%), RBK6 -0.0428 (-2.80%). May crude and gasoline on Wednesday closed sharply lower on a stronger dollar and the +9.357 million bbl surge in weekly EIA crude inventories to a record high 532.5 million bbl (vs expectations of +2.5 million bbl). Crude oil prices received underlying support from the -1.258 million bbl decline in crude supplies at Cushing, the first decline in the last 8 weeks, and from the -0.3%decline in U.S. crude production in the week ended Mar 18 to a 16-month low of 9.038 million bpd.

GLOBAL EVENT CALENDAR03/24/2016
US0815 ETSt. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at an even hosted by the New York Association for Business Economics.
0830 ETWeekly initial unemployment claims expected +3,000 to 268,000, previous +7,000 to 265,000. Weekly continuing claims expected unch at 2.235 million, previous +8,000 to 2.235 million.
0830 ETFeb durable goods orders expected -3.0% and -0.3% ex-transportations, Jan +4.7% and +1.7% ex-transportation. Feb capital goods orders non-defense ex-aircraft expected -0.5%, Jan +3.4%.
0830 ETUSDA weekly Export Sales.
0945 ETMar Markit services PMI expected +1.7 to 51.4, Feb -3.5 to 49.7. Mar Markit composite PMI, Feb -3.2 to 50.0.
1100 ETMar Kansas City Fed manufacturing activity, Feb -3 to -12.
1100 ETTreasury announces amount of 2-year T-notes (previous $26 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Mar 28-30.
GER0300 ETGerman Apr GfK consumer confidence expected unch at 9.5.
0300 ETGerman Feb import price index expected -0.2% m/m and -5.1% y/y, Jan -1.5% m/m and -3.8% y/y.
UK0530 ETUK Feb retail sales including auto fuel expected -0.7% m/m and +3.9% y/y, Jan +2.3% m/m and +5.2% y/y.
0530 ETUK Feb retail sales ex auto fuel expected -1.0% m/m and +3.5% y/y, Jan +2.3% m/m and +5.0% y/y.
0700 ETUK Mar CBI retailing reported sales expected unch at 10.
JPN1930 ETJapan Feb national CPI expected +0.3% y/y, Jan unch y/y. Feb national CPI ex-fresh food expected unch y/y, Jan unch y/y. Feb national CPI ex food & energy expected +0.8% y/y, Jan +0.7% y/y.
1930 ETJapan Mar Tokyo CPI expected unch y/y, Feb +0.1% y/y. Mar Tokyo CPI ex-fresh food expected -0.2% y/y, Feb -0.1% y/y. Mar Tokyo CPI ex food & energy expected +0.5% y/y, Feb +0.5% y/y.
1950 ETJapan Feb PPI services expected +0.2% y/y, Jan +0.2% y/y.
U.S. STOCK CALENDAR03/24/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Accenture PLCACN USBef-mktQ2 2016 Earnings ReleaseQ2 20161.184
Signet Jewelers LtdSIG US7:00Q4 2016 Earnings ReleaseQ4 20163.629
Principal Financial Group IncPFG US8:00Roadshow - AmsterdamY 2016
Accenture PLCACN US8:00Q2 2016 Earnings CallQ2 2016
Signet Jewelers LtdSIG US8:30Q4 2016 Earnings CallQ4 2016
PVH CorpPVH US9:00Q4 2016 Earnings CallQ4 2016
Dollar General CorpDG US9:00Business Update Call
VeriFone Systems IncPAY US12:30Annual General Meeting
GameStop CorpGME US17:00Q4 2016 Earnings CallQ4 2016
GameStop CorpGME USAft-mktQ4 2016 Earnings ReleaseQ4 20162.274
Carnival CorpCCL USQ1 2016 Earnings ReleaseQ1 20160.318
Thermo Fisher Scientific IncTMO USShareholders MeetingY 2016