Note: My total points above as +12.75 represent the overall performance between X_Trader (Profit) and Infinity AT (Loss). Also, I do not include simulator results in my performance record but I do show images of the simulator result whenever there's a special story to tell about that trading day like today.
As noted in yesterday's performance record...there's a "Quick Click" order entry problem with Infinity AT on Vista @ viewtopic.php?f=47&t=90
Further, like yesterday and today I had a 2 tick spread problem. Simply, when I enter a market order...I could visually see a delay in the order completing...upon completion...I usually got filled at 2 tick worst (never in my favor). This was odd considering I didn't see this problem on other trading days when I traded live on the Infinity AT and all three trading days resulted as a profit (Infinity statements not shown for profitable trading days even though I show my X_Trader profit results).
Conclusion - I won't make any further trades with Infinity AT nor will I bring my account capital back to its original level after the losses until this problem is resolved. Yet, I will continue using the simulator on some random trades each week whenever I have time to work on this problem. Hopefully, Infinity resolves this in their next version upgrade because the Infinity AT is a great platform overall but not so great on Vista.
Last of all, take a close look at the results below on Infinity AT Real (loss) and Infinity AT Simulator (profit). The simulator doesn't have the 2 tick spread problem and the "Quick Click" problem is more manageable on the simulator due to it not being with real money.
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File comment: Infinity AT Simulator 030409NihabaAshiPnLBlotterProfit_infinity_simulator.png [ 40.43 KiB | Viewed 2795 times ]
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Wall Street snaps 5-day losing streak Dow, Nasdaq, S&P 500 all end the session more than 2% higher on the back of upbeat news about China's economy. By Catherine Clifford, CNNMoney.com staff writer Last Updated: March 4, 2009: 5:19 PM ET
NEW YORK (CNNMoney.com) -- Wall Street snapped a 5-day losing streak Wednesday, with the Dow and S&P bouncing off 12-year lows.
The markets opened higher and never looked back following reports that China's economy may be improving and as government officials unveiled details of the $75 billion foreclosure fix.
The Dow Jones industrial average (INDU) jumped 150 points, or 2.2%. Earlier in the session, the Dow had been up more than 250 points. The broader S&P 500 (SPX) index rose 16.5 points, or 2.4%. The tech-heavy Nasdaq composite (COMP) jumped 33 points, or 2.5%.
"China is the 800-pound gorilla, so if they are going to go out and push a lot of money, that set the stage" for Wall Street's rally, said Kenny Landgraf, principal and founder of Kenjol Capital Management.
The details to the $75 billion mortgage modification plan were another major spur to the stock market rally Wednesday, according to Landgraf.
"We have been hearing about this for some period of time," he said, and "it is finally here - you know what the plan is." Landgraf said that a recovery in the housing market was the key to the recovery in the national economy.
Despite the government spending, however, it has been a tough road on Wall Street. On Tuesday, the Dow Jones industrial average and S&P 500 ended at fresh 12-year lows. It was the fifth straight loss for the three major indexes. The S&P 500 and Dow industrials are both more than 50% off their all-time highs from October 2007.
"Anything that will show that there is a recovery so that future earnings will go up, the market will price that into equities," said Dave Hinnenkamp, chief executive officer of KDV Wealth Management. "There is a lot of ammunition there - it just needs something to ignite it."
Hinnenkamp also said that stock markets would not necessarily shoot directly up. The next weeks and months could be volatile.
Ed Clissold, senior global analyst at Ned Davis Research, said that he believes that the market is in the process of bottoming out. However, Clissold also said that the recovery of Wall Street would be characterized by volatility.
"Today is a good step, but this healing process takes considerable amount of time, especially considering the carnage that we have seen," said Clissold, "so I wouldn't put too much into one day's action."
Market breadth was positive. Advancers beat out decliners on the New York Stock Exchange 4-to-1 on volume of 1.80 billion shares. On the Nasdaq, advancers beat out decliners more than 2-to-1 on a volume of 2.36 billion.
Aluminum producer Alcoa (AA, Fortune 500) and heavy construction machinery manufacturer Caterpillar (CAT, Fortune 500) led the Dow advance, both up about 13%. Meanwhile, General Electric (GE, Fortune 500) was down almost 5%, as investors feared that the conglomerate with a legendary AAA credit rating may face a downgrade that could push it into a cash shortage and funding problems.
China: China said Wednesday its manufacturing activity increased for the third straight month. And Asian markets were also supported by reports that the Beijing government will add to its $585 billion stimulus program.
The possible recovery of China's economy could work to bolster sentiment. "Right now, we have a lack of confidence and that lack of confidence really stems worldwide," said Hinnenkamp. He said that stimulus plans really don't have a great chance of working until the tide of consumer confidence reverses direction.
The Shanghai Composite Index surged 6.1%. Japan's Nikkei ended up nearly 1%.
European markets ended higher. France's CAC index was up more than 4.7%, Britain's FT-100 gained 3.8% and Germany's DAX index was up more than 5.4%.
Foreclosure plan: Federal officials announced details of the President Obama's $75 billion foreclosure prevention plan and the program opened for business Wednesday.
The foreclosure fix aims to modify home loans so monthly payments are no more than 31% of monthly gross income. The plan will offer incentives to borrowers and loan servicers and investors to help struggling homeowners make their payments.
Labor market:Job market data released Wednesday showed continued weakness, but a mixed message about whether there's an improvement underway.
Payroll-processing company Automatic Data Processing said the private sector lost 697,000 jobs in February - more than the 630,000 jobs economists were expecting, according to a survey from Briefing.com.
Meanwhile, the number of planned job cuts announced in February fell for the first time since December, according to a report from outplacement firm Challenger, Gray & Christmas Inc. U.S. employers announced 186,350 job cuts, down 23% from January's 241,749 cuts, according to Challenger.
Investors were bracing for the government's reading on the labor market due out Friday. The Labor Department report is expected to show that the economy shed 650,000 jobs in February, more than the 598,000 reported for January, according to a consensus estimate of economists complied by Briefing.com. The unemployment rate is expected to rise to 7.9% from 7.6%.
Economy: A report released Wednesday morning showed further contraction in the service sector in February. The Institute for Supply Management's non-manufacturing index fell 1.3 percentage points to 41.6 in February from the month prior. The drop was not as steep as economists were predicting, however.
Other markets: As global equities rallied, government debt prices fell.The benchmark 10-year note was down 25/32 to 98 1/32 and its yield rose to 2.98%. Bond prices and yields move in different directions.
Lending rates were nearly unchanged. The 3-month Libor rate rose to 1.28% from 1.27% Tuesday while the overnight Libor rate eased to 0.31% from 0.32%. Libor, the London Interbank Offered Rate, is a daily average of rates that 16 different banks charge each other to lend money in London.
Meanwhile, oil prices settled up $3.73, or almost 9%, to $45.38 a barrel. The government's weekly supply report showed that crude stockpiles decreased by 700,000 barrels in the week ended Feb. 27, while analysts expected an increase of 2.2 million barrels.
The dollar lost ground against the euro and the British pound, but rose against the yen.
COMEX gold for April delivery fell $5.80 to $907.80 an ounce.
Yahoo! Finance
4:30 pm : Stocks snapped a five-session losing streak as participants took advantage of oversold conditions. With stocks down roughly 10% during the five sessions leading up to the open, strong gains overseas provided an excuse for buyers to enter the fold and short-sellers to cover their positions.
Foreign indices upended their own losing streak after China announced it will add approximately $586 billion to the fiscal spending plan it announced late last year. Industrial heavyweights were primary beneficiaries.
Gains in the U.S. were put in check, though, as shares of General Electric (GE 6.69, -0.32) dropped almost 20% in early trading to their lowest point in 17 years. Investors had grown fearful that the company may lack the capital to maintain its AAA credit rating, despite lowering its dividend; credit agencies have already warned they are reviewing GE for possible downgrade.
Such a threat forced selling in GE, sending a negative signal to the broader market.
GE attempted to calm concerns by stating it has a strong capital position with ample liquidity. Meanwhile, insiders have been casting a vote of confidence by purchasing the stock. Shares of GE reversed most of their losses to close with a loss of roughly 4.6%.
Given the concerns surrounding GE, which make it trade as if it were a financial company, the stock's ability to rally provided support to the broader market. Stocks were up 4% at their session high, but a late flurry of selling ate into the advance.
Financials began the session with strong gains, climbing to an early gain of 3.5% before tumbling to 3.5% loss. Financials pared the loss when Reuters reported a congressional subcommittee is expected to hold a Mar. 12 hearing on mark- to-market accounting rules. Mark-to-market accounting has been blamed for forcing banks to record billions of dollars in writedowns. In turn, modification of the mark-to-market rules is considered to be one of the key steps that Congress could take to stabilize assets on bank balance sheets.
Diversified banks (-10.2%) were among the weakest performers in the financial sector. U.S. Bancorp (USB 11.01, -1.57) was a primary laggard after it announced it will cut its dividend 88% to $0.05 per share. The company said the move will fortify its capital base and expand its strength.
There was little other corporate news for traders to take in. Discount retailer Big Lots (BIG 17.15, +2.61) posted better-than-expected quarterly earnings and issued upbeat guidance. BJ's Wholesale (BJ 29.42, +1.98) also an upside surprise. Costco (COST 40.81, +0.12) missed the consensus earnings estimate.
Google's (GOOG 319.92, -6.56) CEO stated the company is not immune to downbeat economic conditions. Shares of GOOG were unable to share in the strength of other large-cap tech names. Tech (+2.7%) currently sports the best year-to-date performance of any sector in the S&P 500, though it is down 4.6% since the start of the year.
According to the Fed's Beige Book, the Fed does not expect a significant economic recovery until late 2009 or early 2010.
Meanwhile, the ISM Services Index for February dipped to 41.6% from 42.9%, indicating continued contraction for the services sector. The consensus estimate was pegged at 41.0%.
Investors and economists got a glimpse of what may be lurking in the government's February nonfarm payroll report, which is due at the end of the week. According to the latest ADP Employment Report, 697,000 jobs were lost in February. The consensus estimate called for 630,000 job losses. The ADP report isn't always precise in counting job losses, but has been accurate in forecasting trends.DJ30 +149.82 NASDAQ +32.73 SP500 +16.54 NASDAQ Dec/Adv/Vol 790/1866/2.15 bln NYSE Dec/Adv/Vol 625/2485/1.80 bln
3:30 pm : April crude oil futures surged today after the DOE reported a draw of 757,000 barrels of crude oil inventories. The consensus called for a build of 1 million barrels. The April futures contracts hit session highs of $45.76 per barrel and closed at $45.38 per barrel, up 8.2%.
April natural gas futures rallied off morning lows to finish the session in positive territory at $4.34 per contract, up 1.4%.
April gold futures finished the pit trade near session lows to close at $906.70 per ounce, down 0.8%. April gold contracts have now fallen 6.2% over the last five sessions of pit trading.
May silver futures contracts hit session highs of $13.15 per ounce in the morning trade. The silver contracts ticked lower for the remainder of the session, but still managed to finish in positive territory at $12.92, up 1.6%.DJ30 +240.70 NASDAQ +46.98 SP500 +26.27 NASDAQ Dec/Adv/Vol 721/1920/1.90 bln NYSE Dec/Adv/Vol 554/2541/1.31 bln
3:00 pm : The stock market has climbed to session highs as financial stocks pare their losses. The financial sector is now down just 0.3%.
Should stocks hold their gains, this will be the first time in six sessions the stock market has logged a gain.DJ30 +217.04 NASDAQ +42.43 SP500 +22.89 NASDAQ Dec/Adv/Vol 774/1832/1.68 bln NYSE Dec/Adv/Vol 617/2456/1.16 bln
2:30 pm : Despite the session's strong gains, participants are taking their cues from General Electric (GE 6.74, -0.27).
Though GE is lagging the market by trading in the red, it has recovered from earlier levels. That has coincided with the broader market's advance during the last hour. Participants were eager to get out of GE earlier this morning, sending its stock to the lowest point in 17 years. Their fear was largely rooted in the health of the company's financial arm. In turn, shares of GE have been trading in similar fashion to financial stocks.
Should GE put together a rally, it would suggest traders are showing increased confidence in the company's ability to overcome its challenges.DJ30 +166.70 NASDAQ +32.85 SP500 +16.62 NASDAQ Dec/Adv/Vol 884/1707/1.51 bln NYSE Dec/Adv/Vol 764/2289/1.05 bln
2:05 pm : The major indices trade with solid gains, although the financial sector (-2.2%) is failing to participate in this session's advance. The market holds its gain as the Fed's Beige Book, a collection of anecdotal economic information from the 12 Fed districts, is released.
The release states that the Fed does not expect a significant economic recovery until late 2009 or early 2010. In addition, real estate markets are stagnant, with little to no signs of price declines slowing. Separately, spending continues to be weak.DJ30 +133.81 NASDAQ +30.36 SP500 +13.77 NASDAQ Dec/Adv/Vol 903/1680/1.38 bln NYSE Dec/Adv/Vol 864/2183/950 mln
1:30 pm : Stocks continue to trade with solid gains as the S&P 500 ascends to its afternoon high.
Advancing issues in the S&P 500 outnumber decliners by 4-to-1. Financial stocks represent more than one-third of the declining issues in the S&P 500. Financials are currently down 2.1%.DJ30 +143.68 NASDAQ +31.40 SP500 +14.62 NASDAQ Dec/Adv/Vol 863/1706/1.27 bln NYSE Dec/Adv/Vol 779/2260/872 mln
1:05 pm : Stocks are sporting solid gains, but trading thus far has been choppy.
Sentiment was given an early boost as foreign indices overcame a recent stretch of weakness to trade higher. Their rebound was helped by reports that China will add approximately $586 billion to the fiscal spending plan it announced late last year.
The positive headline likely prompted some short-covering as stocks began to look oversold after falling nearly 10% during the past five sessions.
With conditions ripe for a rebound, participants have looked past another batch of gloomy economic data. The latest ADP Employment Report indicated 697,000 jobs were lost in February. The consensus estimate called for 630,000 job losses.
The ISM Services Index for February dipped to 41.6% from 42.9% in January. The reading was slightly ahead of the consensus estimate of 41.0%, but marks the fifth consecutive month of contraction for the services sector. Still, traders showed little surprise to the report.
The positive bias this session is fueling broad-based gains.
Particular strength is being exhibited by large-cap tech names, which are helping the Nasdaq outperform its counterparts. Google (GOOG 319.83, -5.65), however, is lagging after its CEO stated the company is not immune to downbeat economic conditions.
Discount retailer Big Lots (BIG 17.49, +2.95) is trading with a robust gain after posting better-than-expected quarterly earnings and issuing upbeat guidance. BJ's Wholesale (BJ 29.74, +2.30) also reported better-than-expected earnings results, but Costco (COST 40.90, +0.21) fell short of analysts' consensus earnings estimate for the first time in 11 quarters.
Financials stocks (-3.0%) are all alone in negative territory. U.S. Bancorp (USB 10.64, -15.42) is a primary laggard after announcing it will cut its dividend 88% to $0.05 per share. The company said the move will fortify its capital base and expand its strength, while allowing it to redeem the Treasury's preferred stock investment as soon as possible.
General Electric (GE 6.32, -0.69) has fallen to fresh multiyear lows. Its weakness stems from concerns that the company's recent decision to cut its dividend will not be sufficient in creating the capital necessary to protect against future losses. In turn, many in the market are beginning to anticipate a downgrade to GE's AAA credit rating. The company responded by saying it has no need to raise additional capital.DJ30 +109.83 NASDAQ +26.22 SP500 +11.58 NASDAQ Dec/Adv/Vol 880/1662/1.16 bln NYSE Dec/Adv/Vol 831/2198/799 mln
12:30 pm : Financial stocks are falling victim to a concerted selling effort. The financial sector is trading with a 1.0% loss; it is the only sector currently trading in negative territory.
The drop in financials stems from weakness in diversified banks JPMorgan Chase (JPM 19.93, -1.08), Wells Fargo (WFC 9.74, -0.93), and U.S. Bancorp (USB 11.30, -1.28), which are all trading as laggards.
U.S. Bancorp disappointed investors this morning by announcing it will slash its dividend by nearly 90%, though the company stated it was cutting the dividend from a position of strength. JPMorgan already has reduced its dividend. Some analysts are calling on Wells Fargo to cut its dividend even though the company recently raised it.DJ30 +134.84 NASDAQ +30.77 SP500 +14.24 NASDAQ Dec/Adv/Vol 759/1765/1.04 bln NYSE Dec/Adv/Vol 705/2316/713 mln
12:00 pm : Diversified metals and mining stocks are among this session's best performers, currently up 13.5%. The group has also put up some of the best gains during the past 10 sessions. They are up 26% during that time.
Gold and silver outfit Freeport McMoRan (FCX $32.27, +3.86) has been the driving force behind the gains, and has also helped the materials sector outperform the broader market with a 3.7% gain. Though gold and silver prices have been under pressure in recent sessions, Freeport has been able to gain as investors bid shares of materials stocks higher in response to global stimulus efforts.DJ30 +157.30 NASDAQ +37.16 SP500 +16.94 NASDAQ Dec/Adv/Vol 680/1801/933 mln NYSE Dec/Adv/Vol 612/2392/641 mln
11:30 am : Stocks are trading near their session highs. Integrated energy giants Exxon Mobil (XOM 66.37, +2.01) and Chevron (CVX 59.82, +2.09), along with tech giants Cisco (CSCO 15.27, +0.88) and Intel (INTC 13.00, +0.72) are providing leadership.
The healthy gains aren't limited to bigger stocks, though. The S&P 400 and Russell 2000 are up 2.7% and 2.1%, respectively.
Within the S&P 400, BJ's Wholesale (BJ 29.47, +2.03) is sporting a robust gain after posting better-than-expected earnings results this morning. Meanwhile, peer Costco (COST 41.33, +0.64) fell short of analysts' consensus earnings estimate.DJ30 +163.68 NASDAQ +36.77 SP500 +17.95 NASDAQ Dec/Adv/Vol 695/1747/801 mln NYSE Dec/Adv/Vol 636/2325/562 mln
11:00 am : Crude prices are gaining after a bullish weekly inventory report. According to the latest weekly data from the Department of Energy, crude inventories showed a draw of 757,000 barrels. The consensus estimate called for a build of 1 million barrels. Crude futures contracts are currently pricing oil roughly 7.2% higher at $44.65 per barrel.
Natural gas prices are currently slipping, though. Natural gas was recently quoted at $4.19 per contract, down roughly 2.2%.
Still, energy stocks are trading with a healthy 4.7% gain.
Gold prices are to climb into positive territory as they trade unchanged at $913.50 per ounce. Gold prices have been gyrating this morning after trading with weakness in recent sessions.
Despite the lack of clear direction in gold prices, Yamana Gold (AUY 8.19, +0.15) is trading with a solid gain. Yamana's advance comes after the company reported it has accumulated record reserves.
Meanwhile, silver prices are trading with solid gains. Silver was recently quoted at $13.03 per ounce, up 2.3%.DJ30 +109.36 NASDAQ +27.51 SP500 +11.48 NASDAQ Dec/Adv/Vol 739/1598/635 mln NYSE Dec/Adv/Vol 788/2113/453 mln
10:30 am : Stocks began to further pare their gains, but have since reclaimed some of the session's earlier gains.
The Nasdaq Composite continues to trade above its counterparts. The Nasdaq's gain comes amid strength in large-cap tech names like Cisco (CSCO 14.99, +0.60), Intel (INTC 12.71, +0.43), and Apple (AAPL 90.54, +2.17). Certain analysts recently upgraded shares of CSCO based on valuation.
Meanwhile, economic bellwether General Electric (GE 6.20, -0.81) is trading at fresh multiyear lows. The stock has fallen amid concerns that the company's recent decision to cut its dividend will not be sufficient in creating the capital necessary to protect against future losses. In turn, many in the market are beginning to anticipate a downgrade to GE's AAA credit rating. DJ30 +70.49 NASDAQ +21.19 SP500 +7.76 NASDAQ Dec/Adv/Vol 800/1459/451 mln NYSE Dec/Adv/Vol 864/1974/351 mln
10:00 am : Stocks have pulled back a bit, but continue to sport impressive gains. The advance remains broad-based.
The February ISM Service Index came in at 41.6, which is relatively in step with expectations. The consensus estimate called for a reading of 41.0, following the prior reading of 42.9. The lower ISM reading indicates further contraction in services. Still, the reading remains off the November low of 37.4.
09:45 am : Stocks are making strong gains in the first few minutes of trading. The advance is broad-based with every sector in the S&P 500 advancing. However, energy (+3.8%) and materials (+3.3%) are showing the best gains.
The Treasury has unveiled more details for its mortgage modification plan. Under the Home Affordable Refinance program, which will be available to 4 to 5 million homeowners with a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac, many homeowners will be eligible to take advantage of lower mortgage rates.
Eligibility is contingent upon certain requisites. All borrowers must fully document income. There are incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments, should the servicer determine the borrower is at imminent risk of default. Modifications can start from now until December 31, 2012. Loans can be modified only once under the program.DJ30 +110.47 NASDAQ +25.62 SP500 +13.16 NASDAQ Dec/Adv/Vol 365/1696/159 mln NYSE Dec/Adv/Vol 369/2355/142 mln
09:15 am : S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +13.50. The stock market has finished the last five sessions lower, shedding nearly 10% during that time. The early indication is that traders are looking to upend that trend this session. The positive bias comes in the face of a disappointing February ADP Employment Report, which portends an ugly reading for the government's official February nonfarm payroll report due at the end of the week. With stocks stuck in a losing streak and economic data continually gloomy, many traders have been betting against stocks. Since conditions are looking oversold and the short-trade becoming overcrowded, early strength could be helped by some short-covering. Still, early gains could come under pressure if the February ISM Service Index (10:00 AM ET) disappoints. Participants should also be mindful that stocks started the prior session with gains as the stock market also looked oversold then, but the session still closed with losses.
09:00 am : S&P futures vs fair value: +9.60. Nasdaq futures vs fair value: +13.30. The major European indices are sporting strong gains after posting losses in each of the three prior sessions. Germany's DAX is leading the way with a 2.3% gain as advancing issues outnumber decliners by 5-to-1. Daimler and Volkswagen are both showing leadership this session; they traded as laggards Tuesday... France's CAC up is up 1.7%. Total (TOT) is a primary leader in its space. ArcelorMittal (MT) is also showing leadership. Shares of MT were upgraded by analysts at Citigroup... Meanwhile, Britain's FTSE is trading with a 1.4% gain. Energy and commodities stocks are providing the most support as Royal Dutch Shell (RDS.A), BP PLC (BP), BHP Billiton (BHP), and BP Group trade higher... In Asia, the MSCI Asia-Pacific Index advanced 0.5%, helped along by news that China will increase its fiscal spending plan. Recent data also showed an improvement in manufacturing conditions... Japan's Nikkei closed 0.9% higher after reversing early losses. Stocks were helped by news that a Chinese manufacturing index climbed for the third straight month, and news China will increase its spending. Heavy equipment maker Komatsu and Kubota (KUB) both advanced... In Hong Kong, the Hang Seng closed 2.5% higher. Resource stocks gained with Aluminum Corp. of China, or Chalco, (ACH) and China Coal Energy showing robust gains. Shares of Standard Chartered soared after the bank said it posted profit growth in 2008, and was making a strong start in 2009. The gains in overseas markets have helped induce a positive tone ahead of the open in U.S. markets.
08:35 am : S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +7.30. Stocks continue to point toward a strong start for the major indices. The upbeat tone has gone undeterred by a downbeat jobs report. The latest ADP Employment Report indicated 697,000 jobs were lost in February. The consensus estimate called for 630,000 job losses. The worse-than-expected tally suggests the government's official February jobs report, which is due Friday, could contain some truly ugly numbers. As of this writing, economists currently expect the government's February jobs report to show a loss of 650,000 nonfarm jobs. Such a loss would be the worst in more than a half-century.
08:05 am : S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +4.30. News flow has been relatively slow thus far. Still, stock futures point to a higher start, helped along by a strong bounce in overseas markets. Wholesaler Costco (COST) reported earnings of $0.55 per share for its second fiscal quarter. The results failed to meet the consensus estimate of $0.59 per share. The earnings miss marks an end to 11 consecuitive quarters of either beating or matching the consensus estimate. Shares of COST were recently quoted 1.7% lower at $40.00 per share in premarket trading. Meanwhile, BJ's Wholesale (BJ) reported earnings of $0.89 per share for its latest quarter. Analysts were expecting the company to earn $0.86 per share. BJ's Wholesale has now exceeded analysts' consensus quarterly earnings estimate for seven consecutive quarters. US Bancorp (USB) announced it will slash its quarterly dividend to $0.05 per share from $0.425 per share. Shares of USB were recently quoted 1.0% lower at $12.45 per share in premarket trading. Participants will be closely watching whether the morning's positive bias can be sustained in the wake of what is expected to be a gloomy ADP Employment Report (8:15 AM ET).
06:26 am : S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +6.80.
06:26 am : Nikkei...7290.96...+61.20...+0.90%. Hang Seng...12331.15...+297.30...+2.50%.
06:26 am : FTSE...3575.49...+63.00...+1.80%. DAX...3787.49...+96.90...+2.60%.
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to climb into positive territory as they trade unchanged at $913.50 per ounce. Gold prices have been gyrating this morning after trading with weakness in recent sessions.