Market Happenings for Wednesday, May 30, 2012

Premarket, futures are down on Euro woes of course. Gainers this morning include HCBK, MON, THC, WYNN and CTL while losers include BWA, V, RDC, APA and FCX.

The Market

The European Central Bank issued a statement Wednesday saying that it had not approved a bailout for Bankia, the No. 4 bank in Spain, and that such a recapitalization could not be provided by the Eurosystem.

Yields on 10-year Spanish debt soared to 6.62% Wednesday while investors flood into U.S. Treasuries, raising prices and pushing the yield down to near a record low of 1.67% from 1.73% late Tuesday.

Euro markets are down and Asian markets ended down.

Friday we get the May jobs report, as well as key readings on manufacturing and auto sales. Economists forecast that employers added 150,000 jobs in May, and that unemployment remained at 8.1%.

The national average price of gasoline is down a penny to $3.626 per gallon. Here in Gig Harbor, WA our Costco is $4.18 a gallon.

New High of the Day – Bed Bath & Beyond (BBBY).

Earnings Reports

Earnings reports (sorted by mkt cap): CZZ-cosan (consensus $0.13), TFM-Fresh Market (0.35), BAH-Booz Allen (0.40).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +3.8%, purchase sub-index -3.0%, refi sub-index +5.6%.

1000 ET Apr pending home sales expected unch m/m and +22.0% y/y, Mar +4.1% m/m and +10.8% y/y.

1330 ET Fed’s Dudley speaks on regional economy in NY.

1630 ET Fed’s Rosengren speaks in Worcester, MA.

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