Jun E-mini S&Ps are little changed, up +0.04%, as they consolidate Wednesday's rally in the S&P 500 to a 4-1/2 month high. European stocks fell back from a 3-1/2 month high and are down -0.21% on long liquidation ahead of the results of today's ECB meeting and press conference from ECB President Draghi immediately after. Losses were contained as mining stocks and energy producers moved higher as the price of copper climbed to a 4-week high and the price of crude rose to a 5-1/4 month high. Asian stocks settled mostly higher: Japan +2.70%, Hong Kong +1.82%, China -0.66%, Taiwan +0.64%, Australia +1.09%, Singapore +0.37%, South Korea +0.86%, India +0.14%. Japan's Nikkei Stock Index posted a 2-1/2 month high as exporters rallied after the yen fell to a 2-week low against the dollar and on speculation that the BOJ may expand asset purchases at next week's policy meeting.
The dollar index is down -0.05%. EUR/USD is up +0.13%. USD/JPY is down -0.09%.
Jun T-note prices are down -3.5 ticks at a 3-week low as they were pressured from a fall in German bund prices to a 4-week low.
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +12,000 to 265,000, previous -13,000 to 253,000) and continuing claims (expected unch at 2.171 million, previous -18,000 to 2.171 million), (2) Mar Chicago Fed national activity index (expected +0.14 to -0.15, Feb-0.70 to -0.29), (3) Apr Philadelphia Fed business outlook survey (expected -3.4 to 9.0, Mar +15.2 to 12.4), (4) Feb FHFA house price index (expected +0.4% m/m, Jan +0.5% m/m), and (5) Mar leading indicators (expected +0.4%, Feb +0.1%), (6) the Treasury's auction of $16 billion of 5-year TIPS.
There are 36 of the S&P 500 companies that report earnings today with notable reports including: Alphabet (consensus $7.96), Microsoft (0.64), Visa (0.67), Starbucks (0.39), GM (0.99), Verizon (1.06), Under Armour (0.02), Johnson Controls (0.82), PulteGroup (0.20), Bank of NY Mellon (0.68), Fifth Third Bancorp (0.35), Rockwell Collins (1.28).
U.S. IPO's scheduled to price today: SecureWorks Corp (SCWX).
Equity conferences during the remainder of this week: none.
Newmont Mining (NEM -1.49%) rose nearly 3% in pre-market trading as copper rose toa 4-week high and after it reported Q1 adjusted EPS of 34 cents, higher than consensus of 18 cents.
American Express (AXP +2.28%) rose over 4% in pre-market trading after it reported Q1 EPS of $1.45, higher than consensus of $1.33.
Yum! Brands (YUM +0.49%) climbed nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 95 cents, better than consensus of 83 cents.
Qualcomm (QCOM +0.50%) slid over 3% in pre-market trading after it reported Q2 adjusted EPS of $1.04, higher than consensus of 96 cents, but CEO Mollenkopf signaled that its largest customers may use secondary sources for chips for their smartphones going forward.
Las Vegas Sands (LVS -0.61%) lost 4% in after-hours trading after it reported Q1 adjusted EPS of 45 cents, well below consensus of 63 cents.
F5 Networks (FFIV +1.46%) gained over 4% in after-hours trading after it reported Q2 adjusted EPS of $1.68, higher than consensus of $1.63, and then raised guidance on Q3 adjusted EPS to $1.77-$1.80, higher than consensus of $1.74.
Mattel (MAT -2.57%) dropped over 8% in pre-market trading after it reported a Q1 adjusted loss of -13 cents, a wider loss than consensus of -7 cents.
Packaging Corp. of America (PKG -0.62%) gained 3% in after-hours trading it reported Q1 adjusted EPS of $1.11, above consensus of $1.01.
United Continental Holdings (UAL +0.95%) fell over 2% in after-hours trading after it reported Q1 adjusted EPS of $1.23, higher than consensus of $1.18, but said it sees Q2 passenger revenue per available seat mile (PRASM) falling 6.5%-8.5%.
Kinder Morgan (KMI -0.84%) fell over 1% in pre-market trading after it reported Q1 revenue of $3.2 billion, less than consensus of $3.76 billion.
Citrix Systems (CTXS +0.47%) rose over 6% in after-hours trading after it raised its fiscal-year adjusted EPS estimate to $4.90-$5.00, well above consensus of $4.71.
Tractor Supply (TSCO +0.49%) climbed over 5% in after-hours trading after it reported Q1 EPS of 50 cents, better than consensus of 46 cents.
United Rentals (URI -1.65%) slipped nearly 6% in after-hours trading after it lowered guidance on 2016 revenue to $5.6 billion-$5.8 billion from a January 27 estimate of $5.65 billion-$5.95 billion.
June E-mini S&Ps this morning are up +0.75 of a point (+0.04%). Wednesday's closes: S&P 500 +0.08%, Dow Jones +0.24%, Nasdaq -0.01%. The S&P 500 on Wednesday climbed to a 5-1/2 month high and settled higher on the +5.1% increase in U.S. Mar existing home sales to 5.33 million (stronger than expectations of +3.9% to 5.28 million), strength in energy producers after crude oil rallied to a 4-3/4 month high, and mostly upbeat Q1 corporate earnings results thus far.
June 10-year T-note prices this morning are down -3.5 ticks at a fresh 3-week low. Wednesday's closes: TYM6 -19.50, FVM6 -12.00. Jun T-notes on Wednesday fell to a 3-week low and closed lower on the stronger-than-expected U.S. Mar existing home sales report, reduced safe-haven demand with the rally in stocks, and the rise in the 10-year T-note breakeven inflation expectations rate to a 2-week high.
The dollar index this morning is down -0.043 (-0.05%). EUR/USD is up +0.0015 (+0.13%). USD/JPY is down -0.10 (-0.09%). Wednesday's closes: Dollar Index +0.516 (+0.55%), EUR/USD -0.0061 (-0.54%), USD/JPY +0.65 (+0.58%). The dollar index on Wednesday closed higher on the larger-than-expected increase in U.S. Mar existing home sales, on strength in USD/JPY which rose to a 1-1/2 week high as a rally in stocks reduced the safe-haven demand for the yen, and on long liquidation in EUR/USD ahead of Thursday's ECB meeting.
June WTI crude oil is up +3 cents (+0.07%) at a new 5-1/4 month nearest-futures high. June gasoline is up +0.0061 (+0.40%). Wednesday's closes: CLM6 +1.71 (+4.03%), RBM6 +0.0287 (+1.92%). Jun crude and gasoline on Wednesday closed higher with Jun crude at a 4-3/4 month high. Metals prices were boosted by the -0.3% decline in U.S. crude production in the week ended Apr 15 to a 1-1/2 year low of 8.95 million bpd and by the -248,00 bbl decline in Cushing crude oil inventories. Crude oil prices were undercut by the stronger dollar and the end of the 3-day strike by Kuwaiti oil workers.
|US||0830 ET||Weekly initial unemployment claims expected +12,000 to 265,000, previous -13,000 to 253,000. Weekly continuing claims expected unch at 2.171 million, previous -18,000 to 2.171 million.|
|0830 ET||Mar Chicago Fed national activity index expected +0.14 to -0.15, Feb -0.70 to -0.29.|
|0830 ET||Apr Philadelphia Fed business outlook survey expected -3.4 to 9.0, Mar +15.2 to 12.4.|
|0830 ET||USDA weekly Export Sales.|
|0900 ET||Feb FHFA house price index expected +0.4% m/m, Jan +0.5% m/m.|
|1000 ET||Mar leading indicators expected +0.4%, Feb +0.1%.|
|1100 ET||Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Apr 25-28).|
|1300 ET||Treasury auctions $16 billion of 5-year TIPS.|
|UK||0430 ET||UK Mar retail sales ex-auto fuel expected -0.3% m/m and +3.8% y/y, Feb -0.2% m/m and +4.1% y/y.|
|0430 ET||UK Mar retail sales including auto fuel expected -0.1% m/m and +4.4% y/y, Feb -0.4% m/m and +3.8% y/y.|
|0430 ET||UK Mar public sector net borrowing expected +5.4 billion pounds, Feb +6.5 billion pounds.|
|EUR||0745 ET||ECB announces interest rate decision.|
|0830 ET||ECB President Mario Draghi holds press conference following ECB meeting.|
|1000 ET||Eurozone Apr consumer confidence expected +0.6 to -9.3, Mar -0.9 to -9.7.|
|JPN||2200 ET||Japan Apr Nikkei manufacturing PMI expected +0.4 to 49.5, Mar 49.1.|
|Johnson Controls Inc||JCI US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.816|
|Nucor Corp||NUE US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.27|
|PulteGroup Inc||PHM US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.201|
|PPG Industries Inc||PPG US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.301|
|Sherwin-Williams Co/The||SHW US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.619|
|Snap-on Inc||SNA US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||2.088|
|BB&T Corp||BBT US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.643|
|Southwest Airlines Co||LUV US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.837|
|Travelers Cos Inc/The||TRV US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||2.554|
|Stanley Black & Decker Inc||SWK US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.141|
|DR Horton Inc||DHI US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.463|
|Biogen Inc||BIIB US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||4.458|
|KeyCorp||KEY US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.251|
|Quest Diagnostics Inc||DGX US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.119|
|Alliance Data Systems Corp||ADS US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||3.817|
|Danaher Corp||DHR US||6:00||Q1 2016 Earnings Release||Q1 2016||1.029|
|Bank of New York Mellon Corp/The||BK US||6:30||Q1 2016 Earnings Release||Q1 2016||0.677|
|Fifth Third Bancorp||FITB US||6:30||Q1 2016 Earnings Release||Q1 2016||0.345|
|Rockwell Collins Inc||COL US||6:30||Q2 2016 Earnings Release||Q2 2016||1.28|
|Dover Corp||DOV US||7:00||Q1 2016 Earnings Release||Q1 2016||0.598|
|People's United Financial Inc||PBCT US||7:00||Q1 2016 Earnings Release||Q1 2016||0.213|
|Citizens Financial Group Inc||CFG US||7:00||Q1 2016 Earnings Release||Q1 2016||0.389|
|Under Armour Inc||UA US||7:15||Q1 2016 Earnings Release||Q1 2016||0.024|
|Verizon Communications Inc||VZ US||7:30||Q1 2016 Earnings Release||Q1 2016||1.055|
|General Motors Co||GM US||7:30||Q1 2016 Earnings Release||Q1 2016||0.99|
|Bank of New York Mellon Corp/The||BK US||8:00||Q1 2016 Earnings Call||Q1 2016|
|Danaher Corp||DHR US||8:00||Q1 2016 Earnings Call||Q1 2016|
|BB&T Corp||BBT US||8:00||Q1 2016 Earnings Call||Q1 2016|
|Stanley Black & Decker Inc||SWK US||8:00||Q1 2016 Earnings Call||Q1 2016|
|Union Pacific Corp||UNP US||8:00||Q1 2016 Earnings Release||Q1 2016||1.096|
|People's United Financial Inc||PBCT US||8:00||Q1 2016 Earnings Call||Q1 2016|
|Verizon Communications Inc||VZ US||8:30||Q1 2016 Earnings Call||Q1 2016|
|PulteGroup Inc||PHM US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Biogen Inc||BIIB US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Quest Diagnostics Inc||DGX US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Alliance Data Systems Corp||ADS US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Under Armour Inc||UA US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Union Pacific Corp||UNP US||8:45||Q1 2016 Earnings Call||Q1 2016|
|Travelers Cos Inc/The||TRV US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Fifth Third Bancorp||FITB US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Citizens Financial Group Inc||CFG US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Rockwell Collins Inc||COL US||9:00||Q2 2016 Earnings Call||Q2 2016|
|Yum! Brands Inc||YUM US||9:15||Q1 2016 Earnings Call||Q1 2016|
|AES Corp/VA||AES US||9:30||Annual General Meeting|
|Dover Corp||DOV US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Newmont Mining Corp||NEM US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Citigroup Inc||C US||10:00||Q1 2016 Earnings Call - Fixed Income||C1 2016|
|Snap-on Inc||SNA US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Texas Instruments Inc||TXN US||10:00||Annual General Meeting|
|DR Horton Inc||DHI US||10:00||Q2 2016 Earnings Call||Q2 2016|
|People's United Financial Inc||PBCT US||10:00||Annual General Meeting||Y 2016|
|KeyCorp||KEY US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Regions Financial Corp||RF US||10:00||Annual General Meeting||Y 2016|
|General Motors Co||GM US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Humana Inc||HUM US||10:30||Annual General Meeting||Y 2016|
|United Continental Holdings Inc||UAL US||10:30||Q1 2016 Earnings Call||Q1 2016|
|Johnson Controls Inc||JCI US||11:00||Q2 2016 Earnings Call||Q2 2016|
|PPG Industries Inc||PPG US||11:00||Annual General Meeting||Y 2016|
|Sherwin-Williams Co/The||SHW US||11:00||Q1 2016 Earnings Call||Q1 2016|
|JB Hunt Transport Services Inc||JBHT US||11:00||Annual General Meeting|
|United Rentals Inc||URI US||11:00||Q1 2016 Earnings Call||Q1 2016|
|Southwest Airlines Co||LUV US||12:30||Q1 2016 Earnings Call||Q1 2016|
|Nucor Corp||NUE US||14:00||Q1 2016 Earnings Call||Q1 2016|
|PPG Industries Inc||PPG US||14:00||Q1 2016 Earnings Call||Q1 2016|
|SL Green Realty Corp||SLG US||14:00||Q1 2016 Earnings Call||Q1 2016|
|Huntington Bancshares Inc/OH||HBAN US||15:00||Annual General Meeting|
|Norfolk Southern Corp||NSC US||16:15||Q1 2016 Earnings Release||Q1 2016||0.972|
|Norfolk Southern Corp||NSC US||16:30||Q1 2016 Earnings Call||Q1 2016|
|Hanesbrands Inc||HBI US||16:30||Q1 2016 Earnings Call||Q1 2016|
|Alphabet Inc||GOOGL US||16:30||Q1 2016 Earnings Call||Q1 2016|
|Starbucks Corp||SBUX US||17:00||Q2 2016 Earnings Call||Q2 2016|
|E*TRADE Financial Corp||ETFC US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Visa Inc||V US||17:00||Q2 2016 Earnings Call||Q2 2016|
|Schlumberger Ltd||SLB US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.39|
|Southwestern Energy Co||SWN US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||-0.215|
|Microsoft Corp||MSFT US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.638|
|Starbucks Corp||SBUX US||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.39|
|E*TRADE Financial Corp||ETFC US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.329|
|Crown Castle International Corp||CCI US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||1.038|
|Hanesbrands Inc||HBI US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.219|
|Visa Inc||V US||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.667|
|Alphabet Inc||GOOGL US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||7.963|
|Microsoft Corp||MSFT US||17:30||Q3 2016 Earnings Call||Q3 2016|
|Intuitive Surgical Inc||ISRG US||18:00||Annual General Meeting|
|Kraft Heinz Co/The||KHC US||Annual General Meeting|