Oil’s Up: Market Happenings for Tuesday, August 28, 2012

Premarket, futures are down. Gainers this morning include STX, BBY, FTR, MPC and ANR while losers include KLAC, LXK, SYMC, X and MNST.

The Market

With it still being summer and all, investors are just waiting to hear what Fed Chairman Ben Bernanke has to say when he speaks Friday in Jackson Hole, Wyo. Many are hoping he will announce further action to ease growing concerns about a U.S. economic slowdown.

Oil prices crept up $1 to $96.47 a barrel today, as Tropical Storm Isaac curtailed oil production along the Gulf of Mexico.

The national average price of gasoline is up six-tenths of a cent to $3.756 per gallon.

European stocks are lower and Asian markets ended mixed.

The Case-Shiller 20-city home price index for June, expected to have decreased by 0.3%, was up 2.3%.

Earnings Reports

Earnings reports (estimates): SFL-Ship Finance ($0.42), CYBX-Cybernoics (0.36), SAFM-Sanderson Farms (1.07).

Financial Calendar

0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.

0855 ET Redbook weekly retailer sales.

0900 ET S&P/Case-Shiller June Compose 20 home price index expected +0.3% m/m and -0.2% y/y, May +0.91% m/m and -0.66% y/y. Case-Shiller Q2 home price index, Q1 -1.92% y/y.

1000 ET U.S. Aug consumer confidence (Conference Board) expected +0.1 to 66.0, July +3.2 to 65.9.

1000 ET Richmond Aug Fed manufacturing index expected +6 to -11, July -16 to -17.

1130 ET Weekly 4-week T-bill auction.

1300 ET Treasury auctions $35 billion 2-year T-notes.

1630 ET API weekly U.S. oil statistics.

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