Commodity prices are mostly higher due to a weaker dollar. Jun crude oil (CLM15 +0.13%) is up +0.12% and Jun gasoline (RBM15 +0.95%) is up +0.72%. Metals prices are mixed. Jun gold (GCM15 -0.14%) is up +0.07% at a 1-1/4 month high. Jul copper (HGN15 -0.24%) is down -0.19%. Agriculture prices are higher.
The dollar index (DXY00 -0.30%) is down -0.51% at a new 3-1/2 month low. EUR/USD (^EURUSD) is up +0.67% at a 2-3/4 month high. USD/JPY (^USDJPY) is up +0.07% and GBP/USD is up +0.31% at a 5-1/2 month high.
Jun T-note prices (ZNM15 +0.06%) are up +4 ticks.
Greek Finance Minister Varoufakis said that Greece agrees with its creditors on most issues and that Greece "will sink" without reforms. He added that Greece needs a debt "redesigning" that will substantially extend repayment deadlines, with possible solutions including bond swaps. Varoufakis insists that he will reject any deal with international bailout creditors that does not help his country exit its economic crisis. According to an official familiar with the matter, Greece has to raise at least 3 billion euros to meet minimum budget targets acceptable by creditors.
There are 10 of the Russell 100 companies that report earnings today with notable reports including: Applied Materials (consensus 0.28), Nordstrom (0.71), Kohl's (0.55), Dillard;s (2.78), Symantec (0.44).
U.S. IPO's scheduled to price today include: Landmark Infrastructure (LMRK), Code Rebel (CDRB).
Equity conferences during the remainder of this week include: Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, Morgan Stanley E&P and Oil Services Conference on Tue-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, Bank of America Merrill Lynch Transportation Conference on Thu, Barclays Biotech CEO/CFO Conference on Thu, Royal Bank of Canada Aerospace & Defense Investor Day on Thu.
Urban Outfitters (URBN -0.27%) was upgraded to 'Outperform' from 'Market Perform' at Telsey Advisory.
DuPont (DD -7.37%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill Lynch.
J.B. Hunt (JBHT -0.61%) and Ingersoll-Rand (IR +0.89%) were both upgraded to 'Overweight' from 'Sector Weight' at KeyBanc.
Citigroup keeps a 'Buy' rating on Global Payments (GPN +1.23%) and raises its price target on the stock to $118.50 from $110.
CarMax (KMX -0.22%) was initiated with a 'Buy' at Sterne Agee CRT with a price target of $87.
Teekay (TK -0.62%) reported Q1 adjusted EPS of 22 cents, below consensus of 29 cents.
AOL (AOL +0.49%) was downgraded to 'Neutral' from 'Buy' at UBS.
Superior Energy (SPN -0.37%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.
Duke Energy (DUK -2.44%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
J.C. Penney (JCP -1.91%) reported a Q1 EPS loss of -57 cents, a smaller loss than consensus of -77 cents.
Vipshop (VIPS +3.41%) reported Q1 adjusted EPS of 13 cents, above consensus of 10 cents.
Cisco (CSCO +0.41%) reported Q3 EPS of 54 cents, higher than consensus of 53 cents.
Jack in the Box (JACK -0.05%) reported Q2 operating EPS of 69 cents, better than consensus of 67 cents.
Roundy's (RNDY -1.51%) reported a Q1 EPS loss of -1 cent, a smaller loss than consensus of -3 cents.
Jun 10-year T-notes (ZNM15 +0.06%) this morning are up +4 ticks. Wednesday's closes: TYM5 -2.00, FVM5 +3.00. Jun 10-year T-notes on Wednesday closed lower on carry-over weakness from a lower close in German bund prices. Supportive factors included the weaker-than-expected U.S. April retail sales report of unchanged and +0.1% ex-autos and strong demand for the 10-year T-note auction with foreign buyers taking 60.2% of the auction.
The dollar index (DXY00 -0.30%) this morning is down -0.481 (-0.51%) at a 3-1/2 month low. EUR/USD (^EURUSD) is up +0.0076 (+0.67%) at a 2-3/4 month high. USD/JPY (^USDJPY) is up +0.08 (+0.07%). Wednesday's closes: Dollar Index -0.917 (-0.97%), EUR/USD +0.0141 (+1.26%), USD/JPY -0.714 (-0.60%). The dollar index on Wednesday fell to a 3-1/4 month low on the weaker-than-expected U.S. April retail sales report and on the as-expected increase in Eurozone Q1 GDP, which was supportive for EUR/USD.
Jun WTI crude oil (CLM15 +0.13%) this morning is up +7 cents (+0.12%) and Jun gasoline (RBM15 +0.95%) is up +0.0147 (+0.72%). Wednesday's closes: CLM5 -0.25 (-0.41%), RBM5 -0.0052 (-0.25%). Jun crude oil and gasoline prices on Wednesday closed lower on the EIA report showing that U.S. crude production rose +5,000 bpd and that the U.S. refinery utilization rate fell sharply by -1.8 points to 91.2%, which will reduce crude oil demand and boost inventories. Supportive factors included the decline in the dollar index to a 3-1/4 month low and the -2.19 million bbl decline in EIA crude inventories (vs expectations of -500,000 bbl).
|US||0830 ET||Weekly initial unemployment claims expected +8,000 to 273,000, previous +3,000 to 265,000. Weekly continuing claims expected +4,000 to 2.232 million, previous -28,000 to 2.228 million.|
|0830 ET||Apr PPI final demand expected +0.1% m/m and -0.8% y/y, Mar +0.2% m/m and -0.8% y/y. Apr PPI ex-food & energy expected +0.1% m/m and +1.1% y/y, Mar +0.2% m/m and +0.9% y/y.|
|0830 ET||USDA weekly Export Sales.|
|1100 ET||Treasury announces amount of 10-year TIPS to be auctioned May 21.|
|1300 ET||Treasury auctions $16 billion 30-year T-bonds.|
|JPN||0200 ET||Japan Apr machine tool orders, Mar +14.9% y/y.|
|1950 ET||Japan Apr PPI expected +0.1% m/m and -2.1% y/y, Mar +0.3% m/m and +0.7% y/y.|
|Kohl's Corp||KSS US||7:00||Q1 2016 Earnings Release||Q1 2016||0.55|
|ADT Corp/The||ADT US||8:00||Analyst and Investor Day||Y 2015|
|Ford Motor Co||F US||8:30||Annual General Meeting||Y 2015|
|Kohl's Corp||KSS US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Norfolk Southern Corp||NSC US||8:30||Annual General Meeting||Y 2015|
|Simon Property Group Inc||SPG US||8:30||Annual General Meeting||Y 2015|
|NiSource Inc||NI US||9:00||Business Update Call|
|Genworth Financial Inc||GNW US||9:00||Annual General Meeting||Y 2015|
|Dow Chemical Co/The||DOW US||10:00||Annual General Meeting||Y 2015|
|Nucor Corp||NUE US||10:00||Annual General Meeting||Y 2015|
|Sealed Air Corp||SEE US||10:00||Annual General Meeting||Y 2015|
|Exxon Mobil Corp||XOM US||10:30||Executive Compensation Update Call|
|Apache Corp||APA US||11:00||Annual General Meeting||Y 2015|
|Host Hotels & Resorts Inc||HST US||11:00||Annual General Meeting|
|Mosaic Co/The||MOS US||11:00||Annual General Meeting||Y 2015|
|Progressive Corp/The||PGR US||13:00||Investor Relations Conference Call|
|Union Pacific Corp||UNP US||13:00||Annual General Meeting||Y 2015|
|Invesco Ltd||IVZ US||13:00||Annual General Meeting||Y 2015|
|Edwards Lifesciences Corp||EW US||13:00||Annual General Meeting||Y 2015|
|Kohl's Corp||KSS US||14:00||Annual General Meeting||Y 2015|
|Amgen Inc||AMGN US||14:00||Annual General Meeting||Y 2015|
|Keurig Green Mountain Inc||GMCR US||16:00||Analyst Meeting||Y 2015|
|Applied Materials Inc||AMAT US||16:30||Q2 2015 Earnings Call||Q2 2015|
|Nordstrom Inc||JWN US||16:45||Q1 2016 Earnings Call||Q1 2016|
|Symantec Corp||SYMC US||17:00||Q4 2015 Earnings Call||Q4 2015|
|Nordstrom Inc||JWN US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.707|
|Applied Materials Inc||AMAT US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.279|
|Symantec Corp||SYMC US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.439|
|Baker Hughes Inc||BHI US||Annual General Meeting|
|Equifax Inc||EFX US||Investor Meeting - London||Y 2015|
|Nucor Corp||NUE US||Annual General Meeting|
|Ventas Inc||VTR US||Annual General Meeting|
|AutoNation Inc||AN US||Annual General Meeting|
|Yum! Brands Inc||YUM US||Investor Conference-China-Day 2||Y 2015|
|Republic Services Inc||RSG US||Annual General Meeting|
|Cimarex Energy Co||XEC US||Annual General Meeting|
|Wyndham Worldwide Corp||WYN US||Annual General Meeting|