Futures Lower
Mortgage applications fell about 14% last week and we see more earnings this morning including EBAY, FCX, MS and WFC just to name a few. The bulls are still in control in here unless they lose the 1080 level on the S&P.
Asia was slightly lower, futures are down about 1/2%. YHOO beat last night on a “less bad” loss in advertising and cost cutting, someday they will figure out the internet.
MS beter have a a picture perfect number because the stock is priced for a disappointment if they fail. The same is true with Wells Fargo. They better beat it big or they will get beat.
Have a great day
Around the Horn:
– Fed’s Plosser: Need for a dividing line between Fed’s monetary and fiscal policies
– Currency participants awaiting option barriers to roll off in EUR/USD
***Looking Ahead:
– More key US corporate earnings before the bell with Boeing [BA], Eli Lilly [LLY], Manpower [MAN], Altria [MO], Morgan Stanley [MS], Northrop Grumman [NOC], US Bancorp [USB] and Wells Fargo [WFC] expected
– (SP) Spain Aug Trade Balance: No estimates versus -€3.2B prior
– 7:00 (US) MBA Mortgage Applications w/e Oct 16th: No estimates v -1.8% prior
– 8:00 (PD) Sept Core Inflation M/M: 0.2%e v 0.0% prior Y/Y: 2.9%e v 2.9% prior
– 10:30 (US) DOE Crude Oil/Gasoline/Distillate Inventories: CRUDE: +1.5ME; GASOLINE: -1.2ME; DISTILLATE: -1.2ME; CAPACITY UTILIZATION: 81.3%E
– 12:00 (US) Fed’s Lacker
– 13:00 (US) Fed’s Tarullo
– 14:00 (US) Fed’s Beige Book
– 15:30 (MX) Mexican Unemployment Rate: 6.3%e v 6.3% prior
– (BR) Brazil Central Bank SELIC Target Interest Rate Decision: No change expected from the current rate of 8.75%
Earnings Today: