Markets are down today after Socialist Francois Hollande defeated president Nicolas Sarkozy, leaving investors worried about the future of austerity throughout Europe. Hollande has advocated a shift away from austerity policies to deal with the continent’s sovereign debt crisis and advocated for more economic stimulus.
European stocks tumbled in morning trading on election results and Asian markets ended lower.
Walt Disney (DIS) was up 0.7% in pre-market trading, after its film “The Avengers” smashed opening weekend box office records with $200.3 million in domestic ticket sales. The numbers came in far above the previous record of $169.2 million that had been close to the forecast for its opening weekend.
The national average price for gasoline is down 6-tenths of a cent to $3.777 per gallon. I’m still paying $3.99 a gallon here in Gig Harbor, Washington.
New High of the Day – Pembina Pipeline (PBA).
Earnings reports (sorted by mkt cap): CTSH-Cognizant (consensus $0.85), SYY-Sysco (0.43), VNO-Vornado Realty (0.83), DISH-Dish Network (0.70), PAA-Plains (1.51), WYNN-Wynn Resorts (1.41), RAX-Rackspace Hosting (0.17), TSN-Tyson Foods (0.39), FRI-Fed Realty Investors (0.51), HFC-Hollyfrontier (1.21), BIP-Brookfield Infrastructure (0.30), EA-Electronic Arts (0.16), TW-Towers Watson (1.35), DOS-Kosmos Energy (0.02), FTR-Frontier Communication (0.06), DNB-Dun & Bradstreet (1.32).
1100 ET USDA weekly grain export inspections.
1130 ET Weekly 3-mo and 6-mo T-bill auctions.
1500 ET Mar consumer credit expected +$9.7 billion, Feb +$8.735 billion.
1600 ET USDA Crop Progress
1915 ET Richmond Fed President Jeffrey Lacker speaks on Â“Technology, Unemployment and Workforce DevelopmentÂ” at in event in Greensboro, NC.