Market Happenings for Tuesday, September 18, 2012

Premarket, futures are down a bit, but not as much as yesterday. Gainers this morning include ANR, BRCM, AEP, KIM and ANF while losers include AMD, HCN, FDX, FSLR and STX.

The Market

Oil prices fall for a second day in a row, after plunging more than $3 in less than a minute during Monday’s trading session. The U.S. Commodities Futures Trading Commission is reportedly investigating the cause, which left many investors scratching their heads.

The national average price of gasoline is down three-tenths of a cent to $3.859 per gallon.

European stocks are down and Asian markets all closed lower.

Apple was above $700 yesterday in after-hours but is currently at $699.80.

Earnings Reports

Earnings reports (estimates): FDX-FedEx ($1.41), CIM-Chimera Inv Corp (0.10), MANU-Manchester United (-0.09), CBRL-Cracker Barrel (1.30).

Financial Calendar

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

0830 ET Q2 current account balance expected -$127.5 bln, Q1 -$137.3 billion.

0855 ET Redbook weekly retailer sales.

0900 ET July net long-term TIC flows, Jun +$9.3 billion.

1000 ET Sep NAHB housing market index expected +1 to 38, Aug +2 to 37.

11:30 ET NY Fed President William Dudley speaks on economic conditions before the Morris Count Chamber of Commerce in Florham Park, NJ.

1130 ET Weekly 4-week T-bill auction.

1630 ET API weekly U.S. oil statistics.

1630 ET NY Fed President William Dudley speaks on economic conditions before Montclair State University in Montclair, NJ.

1915 ET Richmond Fed President Jeffrey Lacker speaks on “Maximum Employment and Monetary Policy” in New York to Money Marketeers.

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