U.S.
markets rose on early trades on Wednesday ahead of an expected statement from
the Federal Reserve that many hope may contain some indications of a fresh
stimulus to the economy. The policy statement will be released at 2:15 p.m.
EDT.
Last
week the European Central Bank and the Federal Reserve had promised to act
jointly to stem the slide in the global economy.
Get Free Daily Market
Commentary
Benchmark
indices showed early gains led by materials and telecommunications stocks. The
Dow Jones Industrial Average rose 48 points, or 0.4 percent, to 13056, while
the Standard & Poor's 500-stock index rose two points, or 0.2 percent, to
1382 and the Nasdaq Composite futures added four points, or 0.2 percent, to
2944.
Data
on the U.S. labour market, which showed that the world's largest economy had
added 163,000 new jobs in July, added a spark to recovery hopes.
Investors
are exhibiting cautious optimism about any stimulus measures, many expecting
that it will be effective only in September or later, with the Fed giving in to
political opposition.
July
was a volatile moth for the markets and going into August, there are a host of
news and events to look forward to - the European Central Bank is expected to
announce new measures to address the euro-zone's debt crisis on Thursday, and
on Friday, investors will have their look at the latest monthly government data
on hiring.
European
markets were marginally higher, with the Stoxx Europe 600 up 0.3 percent while
Asian markets closed mostly lower barring the Shanghai Composite which bucked
the trend by rising 0.9 percent.
The
euro-zone Purchasing Manager Index for July slipped to 44 from a preliminary
forecast of 44.1, and down from 45.1 in June.
Crude-oil
futures gained 0.86 percent to about $88.82 a barrel, while gold futures lost
0.8% at about $1600 an ounce. The U.S. dollar slipped against the euro but rose
against the yen. United States
Oil Fund LP (ETF)(NYSEARCA:USO) soared 1.65% to $33.22 and SPDR Gold Trust
(ETF)(NYSEARCA:GLD) down 0.55% to $155.68.
Mastercard Inc (NYSE:MA) stock declined
2.97% to $423.62 after the company earned $700 million, or $5.55 per share in
the second quarter, up from $608 million, or $4.76 per share, a year earlier.
Adjusted profit was $713 million, or $5.65, beating analysts' estimates. Net
revenue increased 9.2% to $1.82 billion. Analysts were expecting the company to
earn $5.58 per share on revenue of $1.88 billion.
Get Trend Analysis on MA
Radian Group Inc. (NYSE:RDN) shares
declined 3.57% to $2.70 in pre-market hour after the company reported a second
quarter of $119.3 million or $0.90 a share, versus a year-earlier profit of
$137.1 million, or $1.03 a share. Net premiums earned were slightly down by
1.1% to $186.8 million, while total revenue plunged 66%. Analysts expected a
per-share loss of $0.55, excluding combined gains and losses, on $179 million
in premiums earned.
Facebook Inc(NASDAQ:FB) shares continued
to slump to new low and was recently down 1.43% to $21.40. The stock has lost
about 26% in the past one week as analysts are concern about the company’s
future prospectus due to slow user growth. The company has failed to monetize
its about 1 billion users in a proper way, which has been putting further
pressure on the stock.
Can
FB Rebound After Recent Slump, Find Trend
Analysis
Sirius XM Radio Inc(NASDAQ:SIRI) shares
are falling this morning after recent gain and was recently trading lower by
1.85% to $2.12. The stock has been consolidating over the past couple of weeks
after recovering almost 15% from its recent lows.
Get
Trend Analysis on SIRI
No comments:
Post a Comment