Via Dave Lutz of Stifel, Nicolaus, here’s a 10-second guide to what traders are chatting about before the bell:
Thursday mirrors Weds early, with the S&P futures marked above NDX futures. We are seeing some life in those Russell Growth stocks that saw a late cover yesterday — with YELP, TWTR, GRPN, FEYE all marked up 1%+ early, but the bears focus is on TSLA, which is off 7% on #s. Overseas, UK markets are up 40bp as the BoE stays unchanged, no surprise there — while Euro markets are up 40bp+ into the ECB at 7:30 — Street expecting no change, but Draghi may address € strength at the 8:30 presser. Ukraine stress seems muted this AM, with Russia’s Micex off very small after the jump yesterday – In Asia, focus was on better than expected trade data out of China, with Shanghai adding 20bp, but the Nikkei regained almost 1% of Wednesday’s smackdown. Aussie markets added 75bp, led by a rebound in Miners on the China data — but Vietnam was hit for over 6% on bubbling tensions in the South China Sea
The 10YY is up 4bp this AM, and trading on week’s peaks despite the reassuring Dovish tone from Yellen. The $US is under pressure against the € into ECB, the $US/€ is making new 2 ½ year highs this AM. The weaker $US is a tailwind for commodities, but Copper and Silver are lower, while Gold is up very small. Despite record Chinese imports of Crude — both WTI and Brent are in the red, as is Nat gas ahead of DOE data today. We have the ECB decision at 7:30 – Fed’s Plosser speaks at 8 — at 8:30, ECB’S Draghi Holds Press Conference and we get US weekly claims, at 9:30 we have a trio of Fed speakers — Tarullo and Evans (Both Doves) Speak in Chicago, while Yellen testifies at the Senate — at 10:30 we have Natural Gas Storage, at 11 is May’s 2nd smallest POMO — we have a 30Y auction at 1, and Fed’s Bullard (centrist) speaks at 2.
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