Morning Outlook

It is an earnings full premarket on Wall Street Friday, as big boys General Electric Co (GE) and Bank of America Corp (BAC) beat analyst estimates following Google’s miss on profit after the bell yesterday. The street will get a gauge on the consumer while headline inflation most likely continued to move down following the tumble in the Producer Price Index. Futures are heading higher before the bell as we wrap up the first week of Q2 earnings while the dollar is mixed. So far in the premarket, Dow Jones industrial average futures rose 16, or 0.2 percent, to 10,308. Standard & Poor’s 500 index futures advanced 3.10, or 0.3 percent, to 1,093.50, while Nasdaq 100 index futures climbed 4.00, or 0.2 percent, to 1,853.25.

Stocks recovered most of their losses on Thursday as the SEC and GS settled fraud charges to the sum of $550 million, which to my surprise was the largest fine ever to a Wall Street firm. The DJIA fell 7.41, or 0.07 percent, to 10,359.31. The Standard & Poor’s 500 index edged up1.31, or 0.1 percent, to 1,096.48, while the Nasdaq composite index declined 0.76, or 0.03 percent, to 2,249.08

On the Corporate Front

Bank of America’s second-quarter net income came in at $2.78 billion 27 cents per share, up 15 percent from $2.42 billion, or 33 cents per share a year ago. Analysts expected profit of 22 cents per share in the quarter.

GE saw a 4 percent decline in revenue, while quarterly net income rose 16 percent to $3.0 billion, or 28 cents per share, up from $2.6 billion, or 25 cents per share, a year earlier. The bottom line was helped by a $3 billion cut in expenses.

Currencies and Commodities

The dollar fell 0.8281% at 86.673 yen in the currency market. The euro appreciated 0.3431% at $1.2994, while the pound lost 0.6136% to $1.5367. Gold moved down $2.50 to $1205.80, while silver fell 0.50% at $18.27. Light, sweet crude came up 8 cents to $76.70 per barrel on the NYMEX; a 0.10% decline.

Economic Calendar

8:30 AM
Consumer Price Index (CPI): Measure of the average price level of a fixed basket of goods and services purchased by consumers. Monthly changes in the CPI represent the rate of inflation. The consensus is for a 0.1% decrease in June, with a 0.1% gain excluding food and energy. This follows a 0.2% drop in May for the second monthly decline in a row as a drop in energy prices weigh on the headline number.

9:55 AM
Consumer Sentiment: Consumer sentiment is directly related to the strength of consumer spending, by questioning 500 households each month on their financial conditions and attitudes about the economy. The consensus reading for July is 75, down from June’s final reading of 76 which was a 0.5 point gain. We haven’t really seen a decline in sentiment despite the softening economy. It is still more important to see consumers spend rather than what they say in a poll.

Morning Outlook

Futures are moving higher in the premarket on Thursday following blockbuster results from JPMorgan Chase & Co (JPM). No surprise their as trading and free money are a banks best friend! Investors are looking ahead to the economic calendar, headlined by weekly jobless claims before the bell. Equities were mixed overseas, reacting to yesterday’s afternoon decline on Wall Street. So far in premarket action, Dow Jones industrial average futures rose 29, or 0.3 percent, to 10,335. Standard & Poor’s 500 index futures gained 4.10, or 0.4 percent, to 1,095.20, while Nasdaq 100 index futures advanced 8.25, or 0.5 percent, to 1,859.50.

Stocks gave up gains in the afternoon following the release of the fed minutes. Even the fed is stating that the economy is softening, and Wall Street didn’t want to hear that. The fall in the second quarter in the equity markets was due to fear that the recovery may not be sustainable, while the run up over the past week has been in optimism that a double dip was not coming our way. With the blue chips back over 10K, it will be interesting to see if investors go back to pricing in a recession. I expect a very volatile late summer as we bob back and forth between data points.

Currencies and Commodities

The dollar fell 0.181% at 88.2450 yen in the currency market. The euro is up 0.7259% at $1.2836 while the pound gained 0.5503% to $1.5352. With the weaker dollar, gold is only up $6.50 to $1213.50, while silver soared 0.63% at $18.41. Light, sweet crude for rose 33 cents to $77.37 on the NYMEX; a 0.43% gain as we head to test $78

Economic Calendar

8:30 AM
Producer Price Index: The PPI is a measure of the average price level for a fixed basket of capital and consumer goods received by producers. This is a great indicator of the future CPI as producers will eventually pass the costs onto the consumer. The consensus for the month of June is for a decrease of 0.1%, with a 0.1% increase excluding food and energy. Declines in food and energy helped May’s PPI ease to down 0.3 percent in April from a 0.1 drop in April.

8:30 AM
Jobless Claims: New unemployment claims for the week of July 10th , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 445,000 for first time jobless claims after falling 21,000 to 454,000 . The four-week average fell last week by fell 1,250 to 466,000 while continuing claims decline by 224,000 to 4.413 million for the lowest level since November.

9:15 AM
Industrial Production: The index of industrial production measures the physical output of the nation’s factories, mines and utilities. The consensus is for a production decrease of 0.2% for the month of June on slowing demand for goods;Production jumped 1.2 percent in May, following a 0.7 percent rise the prior month.

Morning Outlook

Wall Street is heading higher once again in the premarket Wednesday as earnings season roles along. After the bell yesterday, Intel Corp (INTC) had their best quarter of revenue since the end of the dot.com days. Investors are also looking ahead to the Federal Reserve’s economic forecasts, which will be released Wednesday afternoon alongside the minutes from the Fed’s most recent FOMC meeting. The fed downgraded their outlook in their Fed statement. Before the bell, Dow Jones industrial average futures rose 36, or 0.4 percent, to 10,324. Standard & Poor’s 500 index futures gained 3.70, or 0.3 percent, to 1,093.40, while Nasdaq 100 index futures advanced 15.75, or 0.9 percent, to 1,858.25. In addition to earnings, we will also get retail sales data, which could sour the mood before the market opens.

Equities soared on the street Tuesday for the sixth consecutive positive session. On the hopes of solid top line revenue growth through the remainder of earnings season, the blue chips advanced 146.75, or 1.4 percent, to 10,363.02. The Standard & Poor’s 500 index rose 16.59, or 1.5 percent, to 1,095.34, while the Nasdaq composite index climbed 43.67, or 2 percent, to 2,242.03

Currencies and Commodities

The dollar fell 0.2152% at 88.544 yen in the currency market. The euro depreciated 0.1330% at $1.2707 , while the pound gained 0.4446% to $1.5245. Gold lost $4.50 at $1209, while silver dropped 0.34% at $18.19. Light, sweet crude for August delivery fell $0.57 to $76.58 on the NYMEX; 0.74% decline ahead of today’s inventory report.

Economic Calender

8:30 AM
Retail Sales: measure the total receipts at stores that sell durable and nondurable goods. Consumer spending accounts for two-thirds of GDP and is therefore a key element in economic growth. The consensus is for a 0.2% decrease in the month of June, which would be the 2nd consecutive monthly increase. That figure is above the disappointing 1.2% decline in May. The consensus range falls as low as -0.4%. and upwards of 0.3%.

10:00 AM
Business Inventories: The dollar amount of inventories held by manufacturers, wholesalers, and retailers. The consensus is for a gain in May of 0.2% with the rate of stocking decelerating the most among retailers as businesses appear to become concerned about growth in demand easing. Business inventories rose 0.4 percent in April. Inventories have now risen in six of the last seven months.

Morning Outlook

After strong earnings after the bell by aluminum giant Alcoa, Inc (AA) on Monday, markets are up around the globe Monday, while futures on Wall Street are looking to extend its five session advance. Large companies are doing very well, I don’t think that is a surprise to anyone. However until we get them to use that capital we will be in for a tough grind. We got another reminder of the debt crisis that exists as Moody’s Investor Services downgraded its rating on Portugal by two notches to A1 with a stable outlook, expecting sluggish growth over the next 2-3 years hampering revenue ability . Spain is sure to follow while Ireland, who has the largest debt to GDP ration in the EU at 14 percent will surely get put on notice. So far before the bell, Dow Jones industrial average futures rose 51, or 0.5 percent, to 10,232. Standard & Poor’s 500 index futures climbed 6.90, or 0.6 percent, to 1,083.50, while Nasdaq 100 index futures advanced 13.50, or 0.7 percent, to 1,833.75.

Major averages eked out a gain at the closing bell by razor thin margins, making it 5 straight sessions of gains. The Dow Jones industrial average added 18.24 points, or 0.18 percent, to end at 10,216.27. The Standard & Poor’s 500 Index gained 0.79 of a point, or 0.07 percent, to 1,078.75, while the Nasdaq Composite Index rose1.91 points, or 0.09 percent, to close at 2,198.36.

Currencies and Commodities

The dollar fell 0.38% at 88.28 yen in the currency market. The euro depreciated 0.1884% to $1.2572 while the pound gained 0.4956% to $1.5106. Gold rose $8.50 at $1207.20 an ounce on Portugal’s downgrade, while silver climbed 0.99% at $18.09. Light, sweet crude for August delivery rose 89 cents to $75.84 per barrel on the NYMEX; a 1.19% advance.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to expand to $39 billion in April led by higher oil prices. The trade deficit for May grew to $40.3 billion, exports slipped 0.7 percent while imports decreased 0.4 percent.. Another dip for exports in today’s trade report could raise concern over foreign demand.

2:00 PM
Treasury Budget: a monthly account of the surplus or deficit of the federal government. The higher the deficit, the more Treasury notes and bonds the government must sell, and therefore the prices of such auctioned securities. The June Treasury budget is expected to show a deficit of $70 billion, versus a deficit of $135.9 billion in May. Over the past 10 years, the average surplus for the month of June has been $16.7 billion

Morning Outlook

Wall Street is heading lower on Monday ahead of the kickoff of Q2 earnings. Blue chipper Alcoa Inc (AA) will report after the bell, and traders will be positioning themselves throughout the session following last weeks sharp gains. We have a little M&A action this morning, as Aon Corp (AON), the world’s largest insurance brokerage, said it will acquire human-resource service company Hewitt Associates Inc (HEW) for about $4.9 billion in cash. That comes to about $50 per share for HEW, a 41 percent premium over Friday’s closing price. I have some experience and dealing with Hewitt, and if every HEW team is as incompetent as the one I have worked with, then AON is in for a rude awakening! So far in premarket trading, Dow Jones industrial average futures fell 35, or 0.4 percent, to 10,097. Standard & Poor’s 500 index futures fell 4.70, or 0.4 percent, to 1,067.80, while Nasdaq 100 index futures fell 7.25, or 0.4 percent, to 1,804.25. The pattern so far doesn’t bode well for confidence in the sustainability of last weeks rally, as the dollar is up, the euro is down, while crude is lower. The economic calendar is clear on the day, so it is all earnings all the time.

Friday capped off the best week for equities in a year. In the four sessions this week, the blue chips gained 511.55, or 5.3 percent, the S&P 500 rose 55.38, or 5.4 percent and the Nasdaq was up 104.66, or 5 percent

Currencies and Commodities

The dollar fell 0.1199% at 88.515 yen in the currency market. The euro depreciated 0.5474% to $1.2572 while the pound lost 0.2091% to $1.5032. Gold fell $3.10 at $1206.70 an ounce on the stronger greenback, while silver dropped 0.13% at $18.05.In its last week of trading before experation, light, sweet crude for August delivery fell 15 cents to $75.94 per barrel on the NYMEX; a 0.20% decline.

Morning Outlook

This is a LeBron Free Morning Outlook!

Asian markets jumped overnight following the good employment numbers on Wall Street, however futures in the U.S. are pointing to a pause following a three day advance. As equities look to go four for four on the holiday shortened week, Dow Jones industrial average futures fell 18, or 0.2 percent, to 10,074. Standard & Poor’s 500 index futures declined 1.10, or 0.1 percent, to 1,065.90, while Nasdaq 100 index futures lost 4.50, or 0.3 percent, to 1,793.50. We will get some wholesale numbers after the opening bell, which will get some attention since the trade numbers are the only data points on the economic calendar. The dollar is moving higher against the euro, however, crude is moving up. Look for a reversal as I dont expect equities to fall with higher crude on a stronger dollar.

Wall Street soared for the second day in a row, and its third straight green finish. A better than expected number in the premarket from weekly jobless claims sent futures higher at the opening bell, despite mixed retail sales data. The Dow rose 120.71, or 1.2 percent, to 10,138.99, bringing the blue chips three day total to 4.7 percent. The Standard & Poor’s 500 index rose 9.98, or 0.9 percent, to 1,070.25, while the Nasdaq composite index rose 15.93, or 0.7 percent, to 2,175.40. The Russell 2000 index of smaller companies rose 8.61, or 1.4 percent, to 620.27

Currencies and Commodities

The dollar fell 0.2258% at 88.5550 yen in the currency market. The euro came back to reality, depreciating 0.2254% to $1.2669 while the pound lost 0.0811% to $1.5155. Gold climbed $2.60 at $1198.70 an ounce, while silver gained 0.38% at $17.94. Light, sweet crude for August delivery continued to march up, climbing 29 cents to $75.73 per barrel on the NYMEX; a 0.38% advance.

Economic Calendar

10:00 AM
Wholesale Trade: Measures the value, in dollars of sales made and inventories held by merchant wholesalers. It is a component of business sales and inventories. Gaines in inventory show business confidence as consumers are spending. Economists expect wholesale sales to have risen 0.4 percent in May and sales also jumped by 0.4 percent. Inventories held by wholesalers rose 0.4 percent in March and April.

Morning Outlook

Futures are heading slightly lower in premarket trading Thursday following an amazing surge yesterday. With the blue chips now standing solidly over 10K, investors await key retail data and the scheduled weekly jobless claims. Both extremely important figures to drive market direction in the session. Retailers will be leading the market either up or down, while this will be the first look at July’s employment prospects. Ahead of the data, Dow Jones industrial average futures fell 5, or 0.1 percent, to 9,975. Standard & Poor’s 500 index futures lost 1.30, or 0.1 percent, to 1,058.00, while Nasdaq 100 index futures declined 2.50, or 0.1 percent, to 1,787.00. The euro dollar trade once again has crude extending its gains from Wednesday, with the euro at its highest level against the greenback since May.

Wall Street soared in trading action Wednesday, advancing for the second straight day as investors turned positive on top line revenue growth heading into Q2 earnings. The Dow Jones industrial average rose 274.66 points, or 2.82 percent, to 10,018.28. The Standard & Poor’s 500 Index gained 32.21 points, or 3.13 percent, to 1,060.27, while the Nasdaq Composite Index advanced 65.59 points, or 3.13 percent, to 2,159.47

Currencies and Commodities

The dollar rose 0.4179% at 88.0700 yen in the currency market. The euro appreciated 0.1029% at $1.2650, while the pound lost 0.3218% to $1.5140. Gold fell 10 cents to $1198.80, while silver climbed 0.06% at $18.01. Light, sweet crude gained 56 cents to $74.63 per barrel on the NYMEX; a 0.76% advance

Economic Calendar

8:30 AM
Jobless Claims: New unemployment claims for the week of July 3rd , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 465,000 for first time jobless claims after rising 13,000 to 472,000 . The four-week average rose last week by 3,250 to 466,500 for the highest level since March, and that was reflected in the June jobs numbers. Cuts in temporary jobs for the 2010 Census may give claims a boost as some discharged temporary Census workers may be eligible for benefits, however that should be factored into the seasonal adjustments alongside school workers.

3:00 PM
Consumer Credit: Measures the value of consumer credit outstanding. Changes in consumer credit indicate the state of the consumer’s finances and can forecast their future spending patterns. Credit availability is tight in the current environment at the same time as households cut back and deleverage their finances. The consensus for May is for a decrease of $2 billion, however the range goes as low as $-5 billion. Credit unexpectedly edged up $1.0 billion in April-the first increase in three months, aided by non-revolving credit.

Morning Outlook

Wall Street is looking to give back some of their gains from yesterday if this premarket trading keeps up. There is no economic data to be released today ahead of Thursday’s weekly jobless claims, which will be huge as it is our first look at July following June’s dissapointing Employment Situation. The greenback is up following some reassuring comments from China regarding their dollar holdings. The euro is down while bond prices are up. Not a good combo of investor confidence. The yield on the 10 year treasury fell 2 basis point to 2.92 percent. If you are able to get a loan, there is free money out there. Ahead of the opening bell, Dow Jones industrial average futures fell 49, or 0.5 percent, to 9,633. Standard & Poor’s 500 index futures fell 5.50, or 0.5 percent, to 1,018.70, while Nasdaq 100 index futures fell 11.50, or 0.7 percent, to 1,723.00

The blue chips snapped their week long losing streak, closing green after 7 sessions on a hard fought trading day. The DJIA advanced 57.14, or 0.6 percent, to 9,743.62. The broader Standard & Poor’s 500 index rose 5.48, or 0.5 percent, to 1,028.06, while the Nasdaq composite index gained 2.09, or 0.1 percent, to 2,093.88.

Currencies and Commodities

The dollar fell 0.3371% at 87.2250 yen in the currency market. The euro depreciated 0.3116% at $1.2587, while the pound lost 0.2112% to $1.5118. Gold moved down $4.90 to $1190.20 as the greenback advanced, while silver rose 0.85% at $18.87. Light, sweet crude advanced 51 cents to $72.49 per barrel on the NYMEX; a 0.71% advance.

Morning Outlook

Futures are heading higher on Wall Street Tuesday, following the long Independence Day holiday. Stocks have taken a beating these past few weeks, however investors are looking to do a little shopping in the premarket. So far in the premarket, the blue chips are up triple digits as Dow Jones industrial average futures gained 102, or 1.1 percent, to 9,698. Standard & Poor’s 500 index futures advanced 12.00, or 1.2 percent, to 1,026.30, while Nasdaq 100 index futures climbed 26.50, or 1.5 percent, to 1,747.75. As we begin the new week, valuations are at their cheapest levels relative to projected earnings since March 2009, and we all know what happened then…

We had an initial uptick as it wasn’t as bad as some had feared, however the market fell as it was still worse than estimates with all signs pointing to stagnation, and possible deflation throughout the end of 2010. By the closing bell, the Dow Jones Industrial average fell 46.05, or 0.5 percent, to 9,686.48, The Standard & Poor’s 500 index lost 4.79, or 0.5 percent, to 1,022.58, while the Nasdaq composite index declined 9.57, or 0.5 percent to 2,091.79.

Currencies and Commodities

The dollar rose 0.1937% at 87.9400 yen in the currency market. The euro appreciated 0.2879% at $1.2574, while the pound gained 0.2776% to $1.5178. Gold moved up $2.80 to $1210.50 as the greenback dropped, while silver rose 0.85% at $18.87. Light, sweet crude advanced 67 cents to $72.81 per barrel on the NYMEX; a 0.93% advance.

Economic Calendar

10:00
ISM Non-Manufacturing Index: A compilation from 60 non manufacturing sectors across the economic spectrum. The index helps gauge strengths and weaknesses within the economy. The composite index for the month of June is expected to have a reading of 55; the composite index from the ISM non-manufacturing survey edged up to 55.4 in Mayl. This would be the 6th consecutive monthly reading above 50, however the rate of expansion has been decelerating.

The services industry accounts for 80 percent of all employment, so a better than expected reading could help bolster job prospects throughout the nation following the disappointing June Employment Situation.

Morning Outlook

Futures are up slightly in he premarket, with very modest gains as investors await the release of the June Employment Situation. Economic data has disappointed the last month plus, and what a way to turn it around this would be. However, we live in a world called reality and this is going to be a tough number. A good sign early on the street is that the euro is once again advancing, moving above the $1.25 handle. The commodities market is also awaiting this report, and be sure that yields would continue to decline. Dow Jones industrial average futures rose 27, or 0.28 percent, to 9,671. Standard & Poor’s 500 index futures rose 1.50, or 0.2 percent, to 1,023.30, while Nasdaq 100 index futures rose 5.00, or 0.3 percent, to 1,733.00. This report is so huge, all eyes will be focused and the reaction should be intense.

Wall Street started Q3 the way Q2 left off, closing lower despite making a comeback after an early morning decline. By the closing bell, the Dow Jones Industrial average fell 41.49, or 0.4 percent, to 9,732.53 after being down over 150 points. It was the sixth straight drop, bringing the index to its October 2009 low. The S&P 500 index fell 3.34, or 0.3 percent, to 1,027.37, while the Nasdaq composite index fell 7.88, or 0.4 percent, to 2,101.36. The Russell 2000 index of smaller companies fell 5.30, or 0.9 percent, to 604.19.

Currencies and Commodities

The dollar fell 0.1227% at 87.4950 yen in the currency market. The euro appreciated 0.2163% at $1.2554, while the pound gained 0.2462% to $1.5214. Gold climbed 50 cents to $1207.20, while silver rose 0.87% at $17.94. Light, sweet crude for August delivery was flat at $72.95 per barrel on the NYMEX.

Economic Calendar

8:30 AM
Employment Situation: The employment situation is a set of labor market indicators. The unemployment rate measures the number of unemployed as a percentage of the labor force. Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nation’s business and government establishments. The average workweek reflects the number of hours worked in the nonfarm sector. Average hourly earnings reveal the basic hourly rate for major industries as indicated in nonfarm payrolls. Analysts expect 125,000 jobs to have been lost in June, while the unemployment rate rises from 9.7% to 9.8%.The range goes as low as 200K following the disappointing private sector report and the end of census hirings.

The average hourly work week is suppose to hold steady at 34.2 hours. Once again, we would like to see an increase in the work week and in temporary help, which are all precursors to further full time employment. We are going in the wrong direction here as we enter a soft spot in the recovery, this report could be seen the as the one that sends this economy back down.

10:00 AM
Factory Orders: Represent the dollar level of new orders for both durable and nondurable goods. The consensus is for a decline of 0.5% for the month of May. There was an increase in April of 1.2%.