Jun E-mini S&Ps (ESM16 +0.41%) are up +0.47% at a 4-1/2 month high and European stocks are up +1.39% at a 1-month high. Energy producing stocks gained as the price of crude oil pushed back above $40 a barrel, and commodity producers rose, led by a +1.8% gain in Newmont Mining in pre-market trading, after the price of silver (SIK16 +2.72%)surged +2.32% to a 10-1/2 month high. U.S. stocks also received a boost on upbeat comments from Boston Fed President Rosengren who said the U.S. economy remains "fundamentally sound" despite a slow Q1. European stocks received a boost after a gauge of German investor sentiment rose as the German Apr ZEW survey of expectations of economic growth climbed to a 4-month high. Asian stocks settled mostly higher: Japan +3.68%, Hong Kong +1.30%, China +0.30%, Taiwan -0.37%, Australia +1.01%, Singapore South Korea -0.05%, India closed for holiday. Japanese stocks rallied as the yen weakened against the dollar on speculation that the BOJ may boost stimulus measures in the wake of damage caused to Japan's economy from the recent earthquake.
The dollar index (DXY00 -0.16%) is down -0.15%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is up +0.49%.
Jun T-note prices (ZNM16 -0.11%)are down -6 ticks.
Boston Fed President Rosengren said the U.S. economy remains "fundamentally sound" despite a slow Q1 and "we will be raising rates faster than what's reflected in the financial markets."
The German Apr ZEW survey expectations of economic growth rose +6.9 to 11.2, stronger than of +3.7 to 8.0 and the highest in 4 months.
Key U.S. news today includes: (1) Mar housing starts (expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million).
There are 18 of the S&P 500 companies that report earnings today with notable reports including: Goldman Sachs (consensus $2.48), Northern Trust (0.95), Intel (0.49), Johnson & Johnson (1.65), Yahoo (0.08), Discover Financial Services (1.29), Navient (0.41),
U.S. IPO's scheduled to price today: MGM Growth Properties (MGP).
Equity conferences during the remainder of this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.
Newmont Mining (NEM +0.31%) climbed nearly 2% in pre-market tradng after the price of silver surged to a 10-1/2 month high.
Dish Network (DISH +4.19%) climbed nearly 4% in after-hours trading after it said it has joined with China Central Television in suing HTV International over its h.TV streaming device.
International Business Machines (IBM +0.53%) dropped over 4% in pre-market trading after it projected Q2 growth of about $2.78 to $2.92 a share, below consensus of $3.45.
Ebay (EBAY +0.36%) slid over 2% in pre-market trading after it was dowmgraded by Morgan Stanley to 'Underweight' from 'Equal-weight.'
Netflix (NFLX -2.79%) sank over 7% in pre-market trading after it said it sees Q2 domestic streaming net adds of 500,000, below consensus of 505,000, and said it expects Q2 international streaming adds of 2.0 million, less than consensus of 3.451 million.
Illumina (ILMN +2.59%) tumbled 19% in after-hours trading after it said it sees Q1 preliminary revenue of $572 million, below consensus of $596.8 million and the lowest estimate of $590 million.
Spirit Airlines (SAVE -0.12%) rose almost 1% in after-hours trading after it said it sees Q1 operating margin of 21,5%, higher than a prior estimate of 19%-20.5%.
Rambus (RMBS +0.73%) dropped over 7% in after-hours trading after it reported Q1 adjusted EPS of 13 cents, better than consensus of 12 cents, but then said it expected Q2 revenue of $72 million-$77 million, below consensus of $78.7 million.
Badger Meter (BMI +0.43%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 55 cents, better than consensus of 41 cents.
Celanese (CE +0.79%) gained over 7% in after-hours trading after it reported Q1 adjusted EPS of $1.83, well above consensus of $1.49, and then raised its view of fiscal 2016 adjusted EPS to up 8%-10% from a January view of up 5% to 10%.
Dynavax Technologies (DVAX +4.91%) rose over 4% in after-hours trading after it said that results of a trial demonstrated both co-primary endpoints were met with its Heplisav-B vaccine.
GigPeak (GIG +2.73%) climbed almost 1% in after-hours trading after it reported Q1 adjusted EPS of 5 cents, above consensus of 4 cents.
Heron Therapeutics (HRTX +2.77%) jumped 18% in after-hours trading after the U.S. Food & Drug Administration (FDA) indicated no substantive deficiencies in the company's Sustol NDA and the FDA has begun labeling discussions with Heron for Sustol Injection.
Applied Optoelectronics (AAOI +1.83%) plunged over 20% in after-hours trading after it lowered guidance on Q1 adjusted EPS to a loss of -4 cents to -6cents from a February estimate of a 21 cent to 28 cent gain.
June E-mini S&Ps (ESM16 +0.41%) this morning are up +9.75 points (+0.47%) at a fresh 4-1/2 month high. Monday's closes: S&P 500 +0.65%, Dow Jones +0.60%, Nasdaq +0.58%. The S&P 500 on Monday shook off early losses and rallied to a new 4-1/2 month high. Stocks were boosted by upbeat comments from New York Fed President Dudley who said that U.S. economic news is "mostly favorable" and that monetary-policy adjustments are likely to be gradual and cautious. Stocks were also boosted by a partial recovery in oil prices from sharp early losses on the failure of Sunday's Doha production freeze meeting.
June 10-year T-note prices (ZNM16 -0.11%) this morning are down -6 ticks. Monday's closes: TYM6 -4.50, FVM6 -3.00. Jun T-notes on Monday closed lower on reduced safe-haven demand for T-notes after the S&P 500 shook off early losses and rallied to a new 4-1/2 month high. T-notes were also undercut by comments from New Yok Fed President Dudley who said he said he's confident that inflation will return to the Fed's 2% target as transitory downward factors dissipate.
The dollar index (DXY00 -0.16%) this morning is down -0.140 (-0.15%). EUR/USD (^EURUSD) is up +0.0019 (+0.17%). USD/JPY (^USDJPY) is up +0.53 (+0.49%). Monday's closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0029 (+0.26%), USD/JPY +0.06 (+0.06%). The dollar index on Monday closed lower on the weaker-than-expected U.S. Apr NAHB housing market index report and on dovish comments from New York Fed President Dudley suggesting that he favors delaying additional Fed interest rate hikes.
May WTI crude oil (CLK16 +1.66%) is up +54 cents (+1.36%). May gasoline (RBK16 +1.62%) is up +0.0216 (+1.50%). Monday's closes: CLK6 -0.58(-1.44%), RBK6 -0.0247 (-1.69%). May crude and May gasoline on Monday fell to 1-week lows and closed lower on the lack of an agreement between OPEC and non-OPEC oil producers at Sunday's meeting in Doha after Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran. Crude oil was also pressured by expectations for Wednesday's weekly EIA data to show that U.S crude supplies rose +3.0 million bbl last week. Crude recovered from its worst levels as a strike by oil workers in Kuwait, OPEC's fourth-largest producer, extended into a second day and curbed Kuwait's crude output by nearly 60% to 1.7 million bpd.
|US||0830 ET||Mar housing starts expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million. Mar building permits expected +2.0% to 1.200 million, Feb was -2.2% to 1.177 million.|
|JPN||0130 ET||Japan Mar nationwide department store sales, Feb +0.2% y/y.|
|1950 ET||Japan Mar trade balance expected +834.6 billion yen, Feb +242.2 billion yen. Mar exports expected -7.0% y/y, Feb -4.0% y/y. Mar imports expected -16.6% y/y, Feb -14.2% y/y.|
|GER||0500 ET||German Apr ZEW survey expectations of economic growth expected +3.7 to 8.0, Mar 4.3. Apr ZEW survey current situation expected +0.1 to 50.8, Mar 50.7.|
|EUR||0400 ET||Eurozone Feb current account, Jan +25.4 billion euros (nsa).|
|0500 ET||Eurozone Feb construction output, Jan+3.6% m/m and +6.0% y/y.|
|Comerica Inc||CMA US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.433|
|Genuine Parts Co||GPC US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.033|
|Harley-Davidson Inc||HOG US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.289|
|Kansas City Southern||KSU US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.972|
|Omnicom Group Inc||OMC US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.868|
|UnitedHealth Group Inc||UNH US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.722|
|Northern Trust Corp||NTRS US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.948|
|Prologis Inc||PLD US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.59|
|Johnson & Johnson||JNJ US||6:45||Q1 2016 Earnings Release||Q1 2016||1.647|
|Philip Morris International Inc||PM US||7:00||Q1 2016 Earnings Release||Q1 2016||1.108|
|Goldman Sachs Group Inc/The||GS US||7:30||Q1 2016 Earnings Release||Q1 2016||2.48|
|Comerica Inc||CMA US||8:00||Q1 2016 Earnings Call||Q1 2016|
|Johnson & Johnson||JNJ US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Omnicom Group Inc||OMC US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Kansas City Southern||KSU US||8:45||Q1 2016 Earnings Call||Q1 2016|
|UnitedHealth Group Inc||UNH US||8:45||Q1 2016 Earnings Call||Q1 2016|
|Harley-Davidson Inc||HOG US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Whirlpool Corp||WHR US||9:00||Annual General Meeting|
|Philip Morris International Inc||PM US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Goldman Sachs Group Inc/The||GS US||9:30||Q1 2016 Earnings Call||Q1 2016|
|Northern Trust Corp||NTRS US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Genuine Parts Co||GPC US||11:00||Q1 2016 Earnings Call||Q1 2016|
|Fastenal Co||FAST US||11:00||Annual General Meeting||Y 2016|
|Fifth Third Bancorp||FITB US||11:30||Annual General Meeting||Y 2016|
|Northern Trust Corp||NTRS US||11:30||Annual General Meeting||Y 2016|
|Prologis Inc||PLD US||12:00||Q1 2016 Earnings Call||Q1 2016|
|Intel Corp||INTC US||16:00||Q1 2016 Earnings Release||Q1 2016||0.488|
|Intuitive Surgical Inc||ISRG US||16:05||Q1 2016 Earnings Release||Q1 2016||4.324|
|Intuitive Surgical Inc||ISRG US||16:30||Q1 2016 Earnings Call||Q1 2016|
|Intel Corp||INTC US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Yahoo! Inc||YHOO US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Discover Financial Services||DFS US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Linear Technology Corp||LLTC US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.503|
|Yahoo! Inc||YHOO US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.075|
|Discover Financial Services||DFS US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||1.292|
|Navient Corp||NAVI US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.414|
|Public Service Enterprise Group Inc||PEG US||Annual General Meeting|
|Perrigo Co PLC||PRGO US||Q1 2016 Earnings Release||Q1 2016||1.895|
|M&T Bank Corp||MTB US||Annual General Meeting|
|US Bancorp||USB US||Annual General Meeting|
|Signet Jewelers Ltd||SIG US||Analyst Meeting|