Market Happenings for Monday, May 14, 2012

Premarket, futures are down across the board as Europe woes weigh on investors. Gainers this morning include CHK, AVP, BMC, YHOO and DLTR while losers include SYMC, JDSU, HCP, AKAM ad COP.

The Market

Investors made a dash out of debt securities Monday morning, with the yields on 10-year Greek bonds shooting up another 2.56 percentage points to 27.3%.

The yield on the Spanish 10-year bond climbed 0.32 point to 6.33%, raising new worries. Any rate above the 6% benchmark raises the risk that Spain might need a bailout of its own. Also on the rise, Italian bond yields rose 0.24 point to 5.75%.

Investors are paying close attention to the nation’s big banks on Monday, after JPMorgan announced a $2 billion loss last week. JPMorgan (JPM), which was down 9% Friday, is down another 1.79% in premarket trading Monday. Fitch Ratings downgraded JPMorgan’s debt after the closing bell on Friday, voicing a concern over a “lack of liquidity.”

Home Depot (HD) reports earnings tomorrow before the market open and Wal-Mart (WMT) announces earnings Thursday 5/17/12, also before the market open.

Major European stocks were all sharply lower in midday trading and Asian markets ended mostly down.

The national average price of gasoline is down one-tenth of a cent to $3.727 per gallon.

Earnings Reports

Earnings reports (sorted by mkt cap): A-Agilent (consensus $0.73), GRPN-Groupon (0.01), IOC-Interoil (0.05).

Financial Calendar

1100 ET USDA weekly grain export inspections.

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

1600 ET USDA Crop Progress

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