Market Happenings for Friday, June 08, 2012

Premarket, futures are down after Federal Reserve Chairman Ben Bernanke did not signal more stimulus is on the horizon. Gainers this morning include NBR (+2.06%), IGT, NOV, MOLX and PHM while losers include NTAP (-3.86%), YUM, MCD, ANR and LEN.

The Market

The U.S. trade deficit for April came in at $50.1 billion, roughly in line with analyst forecasts and down from the revised $52.6 billion in March.

The national average price of gasoline dropped a half-cent to $3.55 per gallon. Add $0.75 to that number and that’s what we have in Gig Harbor, WA.

European stocks were lower in afternoon trading and Asian markets ended lower.

Earnings Reports

Earnings reports (sorted by mkt cap): PNY-Piedmont Nat Gas (consensus $0.71), THO-Thor Industries (0.79).

Financial Calendar

0830 ET Apr U.S. trade balance expected -$49.5 bln, Mar -$51.8 bln. Annual trade revisions.

1000 ET Apr wholesale inventories expected +0.5%, Mar +0.3%.

n/a Fed’s Kocherlakota speaks on economic theory in Ann Arbor, MI.

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