Stifel Nicolaus’ Dave Lutz has the rundown of what traders are talking about right now.
Good Morning, and welcome to Month-End! US futures are starting this FOMC day on the back foot, as we have sharp weakness in some major “Momentum” Stocks —> TWTR is down 14% (Lowest since IPO), EBAY is off 4%, YELP 2.5%, and LNKD, FB and AMZN all 1%+ lower. In Europe, Lower Inflation and a Retail Sales Miss in Germany has Doves excited, pressing the DAX toward unchanged in average volume. EU fins are under pressure today, led by a 4% drop in BNP as U.S. Sanctions-Probe Costs May Swell. We have Russian stocks off small, the Micex looking to exit April flat MTD. Over in Asia, Nikkei gained small — but the Yen popping as street disappointed BOJ did not expand stimulus. Chinese markets ended higher, but Chinese banks saw some pressure on Stress test headlines. In Single Stocks, we have 29 S&P companies reporting today — Pre Open we see ADP, ADT, D, EXC, GRMN, HES, IP, PBI, SO, TWX, WLP — After the bell we see EQIX, MET, SYMC, TSO, WDC, WMB, YELP
The 10YY is slightly higher, but remains under the 200dma — we have the Fed today at 2pm — where they are expected to further trim its monthly bond purchases by $US10 billion, to $US45 billion — There is no Presser today – Yellen speaks at 8:30 tomorrow. The € is gaining from lows on the $US as PIIGS yields are dropping as Spain’s Economy Grows at Fastest Pace in Six Years — Despite the tailwind from the falling Dollar, we have a sea of red in commodities this AM: Silver is off another 1.5%, while Gold continues to trade under the 200dma and $US1300/oz. WTI Set for Biggest Monthly Loss in five as inventories explode to 82Y+ highs in the USA. Scheduled Catalysts today include ADP employment at 8:15, at 8:30, we get GDP and Former Fed Chairman Bernanke speaks, 9am brings ISM Milwaukee – at 10 we get Retail Sales annual benchmark revisions — we hear about Oil Inventories at 10:30 — FOMC announcement is at 2pm — At 3pm, New York Fed to issue QE schedule for May — and at 3:30, we hear from Bernanke again as he speaks at Brookings
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