Market Happenings for Wednesday, April 04, 2012

Pre-market, futures tumble as Feds are wary of more stimulus. Gainers this morning include MON, SVU, LUV, SBUX and AIG while losers include BWA (-31.06%), SNDK, ANF, SHLD and EQR. Light crude is down -1.16% at 102.80 and gold is down -3.07% at 1,620.60.

The Market

So far, it looks like triple digit losses at the open for the Dow.

Stocks look to be headed for a sharp sell-off Wednesday, with the Fed policy makers indicating that no new stimulus is likely.

Private companies continued to add jobs in March, but at a slightly slower pace than the previous month.

The private sector added 209,000 jobs last month, according to a report by payroll-processing company ADP issued today. That was slightly lower than forecasts for 217,000 jobs gained, and a decrease from 230,000 jobs added in February.

European stocks were lower in midday trading while in Asia, Japan’s Nikkei tumbled -2.3%. Markets in Hong Kong and China were closed for the Tomb Sweeping holiday.

General Electric (GE) shares fell -1.2% ahead of Wednesday’s open after rating agency Moody’s announced that it had downgraded the company’s debt due to risks associated with its finance subsidiary, GE Capital Corp.

IBM (IBM) fell 1.4% ahead of Wednesday’s open on report of a BOFA downgrade from Buy to Neutral.

The national average price for gasoline is up a half-cent today to $3.928 per gallon at the pumps.

New high of the day is MasterCard (MA).

Earnings Reports

Earnings reports (confirmed releases): MON-Monsanto (earnings consensus $2.12), BBBY-Bed Bath & Beyond (1.33), MSM-MSC Industrial Direct (0.95), AYI-Acuity Brands (0.62), PSMT-Pricesmart (0.68), SHLM-A Schulman (0.44), MG-Mistras Group (0.13), RT-Ruby Tuesday (0.16).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -2.7% with purchase mortgage sub-index +3.3% and refinancing sub-index -4.6%.

0815 ET Mar ADP employment change expected +206,000, Feb +216,000.

1000 ET Mar ISM non-manufacturing index expected -0.5 to 56.8, Feb +0.5 to 57.3.

1100 ET San Francisco President John Williams speaks to the San Francisco Planning & Urban Research.

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