US indices are trading higher again this morning, although having held up better through the day on Monday, they are not up as much as the catchup rally going on in Europe. There has been a flood of earnings reports out from many of America’s biggest and most widely known companies and the reaction to this news appears to be the primary driver for trading across US stocks today. Apple may capture particular attention today following yesterday’s big earnings beat and very strong guidance. If it’s strong sales and product momentum isn’t enough to propel it through $104.00 to a new high today, many traders may start to ask questions like what is it going to take? And Are the shares fully valued? In the technology sector, Texas Instruments may be active on its own positive report and Yahoo! could see some positioning ahead of tonight’s results. Restaurant stocks may also be active today as they were last quarter when Chipotle and McDonalds reported. Once again their appears to be a clear change in eating habits underway with Chipotle blowing the doors off their hinges with another huge street beat while McDonalds posted poor results again. Travelers and Harley-Davidson have also beaten expectations this morning while Coca-Cola was in line and Verizon missed. Canada earnings start today with a disappointing report from CP, but there’s still lots of big reports this week including CN later today. China’s GDP was down from last quarter, but not as bad as the street was feared, while other Chinese numbers were mixed. Traders appear to have seen the wheels not falling off the Chinese bandwagon as a positive, sparking rallies in resource currencies with CAD leading the charge ahead of tomorrow’s Bank of Canada meeting, with AUD and NZD following close behind. Gold is rallying again, breaking out over $1,250 as the ECB has apparently started its bond buying program this week. Recall that in recent years the price of gold has tracked the ups and downs of the ECB balance sheet more closely than the Fed’s. Crude oil, meanwhile, continues to stabilize above $80.00 and appears to be building a base following a major selloff. Corporate News Apple $1.42 vs street $1.30, sales $42.1B vs street $40.0B, guides next Q sales to $63.5-$66.5B vs street $63.7B Texas Instruments $0.76 vs street $0.71, guides next Q to $0.64-$0.74 vs street $0.63 Chipotle Mexican Grill $4.15 vs street $3.84, guides same store sales to mid-teens for this year, low to mid-single digits for next year McDonalds $1.09 vs street $1.38, sales $6.99B vs street $7.19B Travelers $2.61 vs street $2.26 Harley-Davidson $0.69 vs street $0.60 Verizon $0.89 vs street $0.90 Canadian Pacific $2.31 vs street $2.37, yesterday called off merger talks with CSX Economic News Economic reports released overnight and this morning include: China Q3 GDP 7 3% vs street 7.2% vs previous 7.5% China retail sales 11.6% vs street 11.7% China industrial production 8.0% vs street 7.5% China fixed assets 16.1% vs street 16.3% UK public sector borrowing £11.1B vs street £9.4B Economic reports due later today include: 10:00 am EDT US existing home sales street 5.10M After 4:00 pm EDT Yahoo! earnings street $0.29
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