The markets are trying fresh-lows of the day. S&P 500 is at 937.60. There seems to be no sector leading the markets today. Materials and Energy are the only sectors of S&P that are in green, 0.47% and 0.33% respectively. It is a choppy session.
The monthly wholesale trade sales and inventories data came out at 10am. The April 2009 sales of merchant wholesalers, were down 0.4% at $309.4 billion from the revised March data. Total inventories of merchant wholesalers were $405.4 billion, down 1.4$ from the March level according to the U.S. census Bureau.
Tuesday, June 9, 2009
Calendar of Events
The International Council of Shopping Centers and Goldman Sachs (ICSC-Goldman) store sales, which represents 75 retail chain store sales, rose 0.2pct last week.
On the other hand, Redbook data was disappointing. The report showed a sharp decrease of sales at chain stores in the first week of June, down 4.3% comparing the last full month of May.
According to Bloomberg, Redbook is a less consistent measure of retail sales than ISCS-Goldman.
On the other hand, Redbook data was disappointing. The report showed a sharp decrease of sales at chain stores in the first week of June, down 4.3% comparing the last full month of May.
According to Bloomberg, Redbook is a less consistent measure of retail sales than ISCS-Goldman.
Update
All the eyes are turned to the $35 Billion auction of the 3-year Treasury Note which is scheduled to start at 1pm.
Meanwhile, Goldman (GS) raises its second quarter estimate for Texas Instruments (TXN) but keeps the neutral rating. Ups target price from $17 to $19.
Meanwhile, Goldman (GS) raises its second quarter estimate for Texas Instruments (TXN) but keeps the neutral rating. Ups target price from $17 to $19.
Before the Opening Bell
As of this hour, major European bourses are all up, though surrendering their early gains. FTSE 100 is at 4414.85, up 0.22%. DAX changing hands at 5012.14, up 0.15% and CAC 40 is trading around 3295, up 0.16%.
In U.K. (FTSE 100) stocks are trading in mixed fashion. Most notably, banks were the main drag in the stock exchange. The major issue with the banking sector is that, if the economy were to deteriorate further, more banks may not be able to survive.
Asian markets on the other hand, are trading with losses. China's HANG SENG is down 194.90 (1.07%) and Japan's NIKKEI 225 is trading at 9786.82, down 0.8%.
In U.K. (FTSE 100) stocks are trading in mixed fashion. Most notably, banks were the main drag in the stock exchange. The major issue with the banking sector is that, if the economy were to deteriorate further, more banks may not be able to survive.
Asian markets on the other hand, are trading with losses. China's HANG SENG is down 194.90 (1.07%) and Japan's NIKKEI 225 is trading at 9786.82, down 0.8%.
Before the Opening Bell
S&P futures vs fair value: +3 at 941.8. NASDAQ futures vs fair value: +7.50 at 1498.
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