Premarket, futures are down. Gainers this morning include FSLR (+5.42%), NVDA, LUV, AMD, BTU and GM while losers include GME (-8.28%), CELG, YUM, AZO and NFLX.
The Dow closed down -50.92 (-0.38%) at 13,384.29 Monday.
Monday, the yield on the 10-year U.S. Treasury note dipped to 1.9% after rising nearly 2% last week.
Today after the close, Alcoa (AA) will report earnings. First this quarter for the 30 Dow stocks. Estimates are for $0.06 per share.
I’ve read that overall, fourth-quarter earnings for S&P 500 companies are expected to rise 3.3%, compared with a year earlier.
Well it’s a new year and time for a new catch phrase for the financial markets. It’s the “Debt Ceiling” woes now.
If the debt ceiling isn’t raised by late February or early March, the United States risks defaulting on its obligations because the Treasury would no longer have enough money available to pay all the country’s bills.
So, we all know right now that our government officials will not come to an agreement on this until the very last moment, right? Yep.
Dow stock Walt Disney Co (DIS) started an internal cost-cutting review several weeks ago that may lead to layoffs at its studio and other units. There will probably be others looking at cost control to boost earnings this year.
The firm I work for has done it twice in the last year or so. Trimming back on staff in under-performing service areas.
European stocks are mixed and Asian markets closed down.
The national average price of gasoline is up three-tenths of a cent to $3.300 per gallon.
Earnings reports (estimates): MON-Monsanto ($0.36), AA-Alcoa (0.06), IHS-IHS Inc (1.11), RMP-RMP Intl (0.42), GPN-Global Payments (0.87), AYI-Acuity Brands (0.83), APOL-Apollo Group (-0.90), LNN-Lindsay Corp (0.75).
1300 ET Treasury auction of $32 billion in 3-year T-notes.
1500 ET Nov consumer credit expected +$12.75 bln, Oct +$14.2 bln.
1500 ET Richmond Fed President Jeffrey Lacker speaks on the U.S. economic outlook at South Carolina Business & Industry Political Education Committee’s 27th annual meeting.
1630 ET API weekly U.S. oil statistics.