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Apr 30 2015

Equity futures are falling once again

4/29/15 Market Recap:

First quarter 2015 GDP estimates released yesterday morning showed a marked slowdown in the US economy with GDP rising at a paltry annualized rate of .2%. The number was below the 1% annualized growth expectation and significantly below the 2.2% growth in the last three months of 2014. This news drove the market lower from the open through the close with all four major averages recording losses on the day. The Russell 2000 paced the downward movement and closed the session down by almost 1%. Stocks did however bounce slightly off the day’s lows in the mid-afternoon at the conclusion of the FOMC’s two day meeting. As expected, there were no significant surprises in the Fed’s statement and the committee reiterated once again that a decision to raise rates would be data dependent. The Fed also attributed the slowdown in the first quarter to “transitory” factors including harsher than expected winter weather and the west coast port strike. Seven out of the 10 S&P sectors fell for the day including Healthcare and Consumer Staples, which declined by .80% and .78% respectively. Energy stocks however, gained .7% on the session thanks to rising oil prices that hit 2015 highs.

Looking Ahead:

Equity futures are falling once again this morning, a day after markets declined on underwhelming GDP data. Investors will have some more economic data to digest including inflation data and weekly jobless claims numbers. Inflation data, in particular, is an important figure to watch as it is something that the Fed is closely monitoring. Earnings season also continues today with companies including ExxonMobil (XOM), Time Warner Cable (TWC), and American International Group (AIG) set to report. The dollar is continuing its fall against its counterparts in overnight trading with the euro reaching its highest levels against the greenback since the end of February. Treasuries are also moving downwards. Tune into CNBC this afternoon at 3:45 PM when our President, Oliver Pursche, joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to provide our latest analysis and outlook. And make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis.  This week, Gary’s guest is former Congressman Barney Frank.  Visit our website for details.