Last Minute Fiscal Cliff Deal: Market Happenings For Wednesday, January 02, 2013

Premarket, futures are up big on the fiscal deal! Gainers this morning include GRMN (+6.46%), AMD, LUK, X and CLF while losers include OI (-2.35%), SBUX, QCOM and ROST.

The Market

Welcome to the first trading day of 2013. It looks to be a good one, with the Dow looking to open 220 points higher at the open.

Our lawmakers reached a last minute deal to avert the fiscal cliff last night with everything to be back-dated to avoid any pain. U.S. stock futures are rallying today, with early gains across a variety of industries. Shares of Apple (AAPL) rose 2.7%, Bank of America (BAC) added 3.3%, and United States Steel (X) was up 3.8% in premarket trading.

The fiscal deal keeps the Bush tax cuts in place for most Americans, but raises the tax rate on individuals earning more than $400,000 and married couples earning over $450,000. Congress also agreed to kick the can down the road on automatic spending cuts, which are now set to go into effect March 1.

Lawmakers allowed the payroll tax cut to expire but extended federal emergency unemployment insurance benefits for another year. So everyone’s taxes are going up and your take-home pay is getting smaller.

Congress must soon raise the debt ceiling, and figure out plans for the postponed spending cuts and the federal budget.

Europe is up and Asia ended up.

Below is what I know about upcoming Dow stock earnings reports.

MMM reports earnings on 1/24/13 before the market open.

AA report earings on 1/8/13 after the market close.

AXP reports earnings on 1/17/13 after the market close (NC).

T reports earnings on 1/24/13 after the market close.

BAC reports earnings on 1/17/13 before the market open.

BA reports earnings on 1/23/13 before the market open (NC).

CVX reports earnings on 1/25/13 before the market open (NC).

DD reports earnings on 1/22/13 before the market open.

GE reports earnings on 1/18/13 before the market open.

IBM reports earnings on 1/22/13 after the market open (NC).

JNJ reports earnings on 1/22/13 before the market open (NC).

JPM reports earnings on 1/16/13 before the market open.

UNH reports earnings on 1/17/13 before the market open.

MCD reports earnings on 1/23/13 before the market open.

MSFT reports earnings on 1/24/13 after the market close.

TRV reports earnings on 1/22/13 before the market open.

UTX reports earnings on 1/23/13 before the market open (NC).

VZ reports earnings on 1/22/13 before the market open.

INTC reports earnings on 1/17/13 after the market close.

PG reports earnings on 1/25/13 before the market open.

NOTE: (NC) means “Not Confirmed and Subject to Change”.

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