Market Happenings For Tuesday, September 24, 2013

There are no Dow stocks at 52 week highs. There are no Dow stock 52 week lows.

The Market

Monday the Dow closed down -49.71 (-0.32%) at 15,401.38.

Premarket, the Dow was indicated to open up +3 points.

Year-to-date the Dow is up +17.53%.

The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.6 percent on a seasonally adjusted basis, compared to economists’ forecasts for a 0.8 percent gain. Prices rose 0.9 percent in June. On a non-adjusted basis, prices rose 1.8 percent.

Investors are again worried about the possibility of a U.S. government shutdown and the economic impact.

Investors are also also worried about the Federal Reserve’s next monetary policy move. Fed members have recently been sending mixed messages about when the central bank will start to pump less money into markets.

New York Fed President William Dudley commented that the Fed’s taper timeline was still in place, however he claimed that the bank would like to see further improvement in the country’s labor market before moving forward with the taper.

The NY Times reported that JPMorgan Chase (JPM) is preparing to be sued by U.S. prosecutors who suspect that the bank sold “shoddy” mortgage securities to investors prior to the financial crisis.

After last month’s Goldman Sachs (GS) computer glitch, the New York Stock Exchange together with the SEC is working to amend the rules to mitigate losses from computer glitches. When Goldman’s computer system caused it to buy a large number of unwanted options contracts, most of the trades were cancelled and the losses to Goldman were minimal. However, traders on the other side suffered. A new proposal would adjust mistaken trades rather than completely canceling them.

European markets are higher and Asian markets ended lower.

The national average price of gasoline is down 1.1 cents to $3.461 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Monday include:

Red Hat, Inc. (RHT) reported EPS of $0.35 on revenue of $374.00 million, compared to last year’s EPS of $0.28 on revenue of $322.60 million.

Other stocks expected to report earnings today include:

CarMax Inc (KMX) is expected to report EPS of $0.56 on revenue of $3.12 billion, compared to last year’s EPS of $0.48 on revenue of $2.76 billion.

Today’s Featured Dow Stock

Johnson & Johnson (JNJ).

Johnson & Johnson (JNJ) is up +27.09% year-to-date.

Financial Calendar

0900 ET July S&P/CaseShiller composite-20 home price index expected +0.80% m/m and +12.40% y/y, June +0.89% m/m and +12.07% y/y.

0900 ET July FHFA house price index purchase only expected +0.8% m/m, Jun +0.7% m/m.

1000 ET Sep Richmond Fed manufacturing index expected -2 to 12, Aug +25 to 14.

1000 ET Sep consumer confidence (Conference Board) expected -1.5 to 80.0, Aug +0.5 to 81.5.

1300 ET Treasury auctions $33 billion 2-year T-notes.

1630 ET API weekly U.S. oil statistics.

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