Hurricane Isaac Arrives: Market Happenings for Wednesday, August 29, 2012

strong>Premarket, futures are up. Gainers this morning include WLP (+4.09%), ADBE, AMD, FTR and GIS while losers include HSP (-3.42%), JOY, COG, ANR and LXK.

The Market

Hurricane Isaac arrived, knocking out power, flooding Gulf-front roads and pushing water over the top of an 18-mile section of a rural Louisiana levee before dawn Wednesday as it pushes across the state with a newly fortified New Orleans in its path.

Oil prices are near $96 a barrel as Hurricane Isaac curtails oil production along the Gulf of Mexico. The national average price of gasoline however has jumped up 4.8 cents to $3.804 today. Gas prices are now up about 9% in August and at their highest level since early May.

European stocks are down in morning trading and Asian markets ended mixed.

This morning the commerce department said that the U.S second quarter GDP (gross domestic product) increased at a 1.7% rate in the April-to-June period, up from a first read of 1.5%. GDP is the value of all goods and services produced in the U.S. and is the broadest measure of an economy’s health.

Earnings Reports

Earnings reports (estimates): HNZ-Heinz ($0.81), BF/B-Brown-Forman (0.63), JOY-Joy Global (1.89), TFM-Fresh Market (0.27), GEF-Greif (0.71), GCO-Genesco (0.26), P-Pandora Media (-0.03).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -7.4 with purchase sub-index +0.9% and refi sub-index -9.2%.

0830 ET Revised Q2 US GDP expected +1.7% q/q annualized, preliminary +1.5%. Q2 personal consumption expected +1.6%. preliminary +1.5%. Q2 GDP price index expected unrevised from preliminary +1.6%. Q2 core PCE expected unrevised from preliminary +1.8%.

1000 ET July pending home sales expected +1.0% m/m and +9.9% y/y, June -1.4% m/m and +8.4% y/y.

1030 ET DOE Weekly Petroleum Status Report.

1300 ET Treasury auctions $35 billion 5-year T-notes.

1400 ET Fed’s Beige Book report.

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