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Apr 24 2015

Equity markets moved higher in spite of disappointing economic data

4/23/15 Market Recap:

Equity markets moved higher yesterday in spite of disappointing economic data and another slew of so-so earnings reports. On the economic front, March new home sales data fell by 11%, the largest percentage drop since 2013. Expectations were higher considering home sales had registered three straight months of significant gains before last month’s miss. Weekly jobless claims rose slightly higher than expected, though the figure remains below the psychological 300k mark. Yesterday’s earnings reports were once again a mixed bag, with most companies failing to show revenue growth on a year over year basis. This trend, a common one among those who have released so far, stems in part from the recent surge of the US dollar against its major counterparts. The Russell 2000 and Nasdaq led the major averages in yesterday’s trading, with the latter setting a new closing record high at 5,056.06. A majority of the S&P sectors registered gains for the day as well, led by Telecom, Energy, and Utilities.


Looking Ahead:

Futures are higher ahead of today’s trading with the Nasdaq looking to make a push into record intraday levels after reaching a new record close level last night. Aiding in these efforts are tech giants Amazon (AMZN), Google (GOOG) and Microsoft (MSFT), which are all up pre-market after posting quarterly results after yesterday’s close. Amazon in particular, is up over 10% so far this morning, despite posting a loss in the quarter, thanks to revenues that increased by 15% year over year. Today’s earnings and economic data releases are light to finish off what has been a busy week of news. The dollar is falling against the yen and euro, with the greenback falling to a two week low against the euro. Treasury yields are slightly higher.

Make sure to tune into Money Matters with Gary Goldberg this Sunday at 11 AM on WOR 710 AM radio to hear our latest market and economic commentary.  Visit www.ggfs.com for details.