Market Happenings for Monday, September 10, 2012

Premarket, futures are down as investors are awaiting more info from the Fed meeting this week. Gainers this morning include TSO (+2.14%), RF, AMD, COG and S while losers include HCBK (-3.18%), AIG, MOS, STX and CLF.

The Market

Last week DJIA was up +1.6%, Nasdaq +2.3%, S&P 500 +2.2% and Russell 2000 +3.7%.

Year-to-date DJIA is up +8.9%, Nasdaq 20.4%, S&P 500 +14.3% and Russell 2000 +13.7%.

It’s definitely time for the Russell 2000 to fly past Nasdaq.

We have GE, DIS and CVX at new 52 week highs.

Friday’s weak jobs report prompted further speculation that the central bank will move forward with a new round of quantitative easing, a possibility Fed chairman Ben Bernanke alluded to in a speech last month.

European stocks were mixed in afternoon trading and Asian stocks ended mixed.

Chinese imports fell 2.6% in August while exports grew less than expected in the latest sign of weakness in the world’s second-largest economy.

The national average price of gasoline is up three-tenths of a cent to $3.828 per gallon.

Wednesday, Apple (AAPL) is expected to unveil details about the iPhone 5.

Earnings Reports

Earnings reports (estimates): PANW-Palo Alto Network ($0.0), JWA-John Wiley (0.73), CASY-Casey’s General (0.95), TOO-Teekay Offshore (0.26), FIVE-Five Below (0.03).

Financial Calendar

1100 ET USDA weekly grain export inspections.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1500 ET July consumer credit expected +$8.8 bln, Jun +$6.459 bln.

1600 ET USDA Crop Progress.

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