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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +1.21%) are up sharply by +1.20% and European stocks are up +3.08% after Fed Chair Yellen late yesterday said the Fed is on course to raise interest rates later this year, which suggests the Fed has confidence that the U.S. economy is strong enough to handle an interest rate increase. The dollar index jumped to a 5-week high, while gold and government bond prices fell on expectations for a Fed rate hike. Asian stocks settled mixed: Japan +1.76%, Hong Kong +0.43%, China -1.60%, Taiwan +0.11%, Australia -0.58%, Singapore -0.46%, South Korea -0.20%, India closed for holiday. Japan's Nikkei Stock Index recovered from a 2-week low and closed higher on speculation the BOJ may expand stimlus measures after Japanese Aug consumer prices ex-food and energy fell by the most in over 2 years. China's Shanghai Composite closed lower on concern over capital outflows from China after an estimated record $141.66 billion left China in Aug after the PBOC devalued the yuan, surpassing the previous record outflow of $124.62 billion in Jul, according to data compiled by Bloomberg.
The dollar index (DXY00 +0.46%) is up +0.36% at a 5-week high. EUR/USD (^EURUSD) is down -0.59%. USD/JPY (^USDJPY) is up +0.62% at a 2-week high.
Dec T-note prices (ZNZ15-0.29%) are down -10.5 ticks.
Speaking after the markets closed yesterday, Fed Chair Yellen said "most of my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year."
Japan Aug national CPI rose +0.2% y/y, stronger than expectations of +0.1% y/y. Aug national CPI ex-fresh food fell -0.1% y/y, right on expectations. Aug national CPI ex food & energy fell -0.2% y/y, right on expectations and the fastest pace of decline in 2-1/3 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Q2 GDP (expected unrevised from last +3.7%) and Q2 personal consumption (expected revised to +3.2% from +3.1%), (2) St. Louis Fed President James Bullard's appearance on a panel on monetary policy at an event in St. Louis, (3) Sep Markit services PMI (expected -0.5 to 55.6, Aug +0.4 to 56.1), (4) final-Sep U.S. consumer sentiment index from the University of Michigan (expected +0.8 to 86.5, prelim-Sep -6.2 to 85.7), and (5) Kansas City Fed President Esther George's speech on the economy and monetary policy at an event in Omaha, NE.
None of the companies in the Russell 1000 index report earnings today.
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Exelon (EXC +0.17%) was raised to 'Buy' from 'Neutral' at Guggenheim witj a price target of $34.
Finish Line (FINL-1.86%) reported Q2 EPS of 57 cents, right on consensus.
Blackberry (BBRY-1.95%) reported a Q2 adjusted loss of -13 cents, a bigger loss than consensus of -9 cents.
KB Home (KBH +1.04%) reported Q3 EPS of 23 cents, better than consensus of 22 cents.
Internap (INAP-1.29%) slumped over 20% in after-hours trading after it lowered guidance on 2015 revenue to $320 million-$325 million, below consensus of $331.6 million,
Bellerophon Data (BLPH-4.62%) surged over 50% in afterhhours tradig after it said data from a Phase 2 study suggested sustained benefit for its INOpulse and the FDA granted a special protocol assessment for a Phase 3 study.
Bed Bath & Beyond (BBBY-0.85%) reported Q2 EPS of $1.21, right on consensus.
Marvel Technology (MRVL +3.44%) gained over 3% in after-hours trading after it said it will cut 17% of its workforce as it restructures its mobile platform business.
Cintas (CTAS-0.50%) reported Q1 EPS of 93 cents, better than consensus of 91 cents, and then raised guidance on fiscal 2016 revenue to $4.80 billion to $4.88 billion, above consensus of $4.78 billion.
Nike (NKE-0.55%) rose over 8% in after-hours trading after it reported Q1 EPS of $1.34, well above consensus of $1.19.
Pier 1 Imports (PIR-2.47%) slid over 6% in after-hours trading after it reported Q2 EPS of 4 cents, weaker than consensus of 7 cents, and then lowered guidance on fiscal 2016 EPS to 56 cents-64 cents, well below consensus of 82 cents.
Jabil Circuit (JBL +2.15%) jumped over 9% in after-hours trading after it reported Q4 EPS of 53 cents, higher than consensus of 45 cents.
Dec E-mini S&Ps (ESZ15 +1.21%) this morning are up sharply by +23.00 points (+1.20%). Thursday's closes: S&P 500 -0.51%, Dow Jones -0.34%, Nasdaq -0.48%. The S&P 500 on Thursday sold off to a 3-week low on concerns about global economic growth after Caterpillar, the world’s biggest mining and construction machinery manufacturer, slumped to a 5-year low when it cut its 2015 revenue and sales estimates. There were also concerns about U.S. growth after the Aug Chicago Fed national activity index showed a -0.92 point decline to a 6-month low of -0.41, weaker than expectations of-0.10 to 0.24. Stocks saw some underlying support from the +5.7% increase in U.S. Aug new home sales to a 7-1/2 year high of 552,000, stronger than expectations of +1.6% to 515,000.
Dec 10-year T-notes (ZNZ15-0.29%) this morning are down -10.5 ticks. Thursday's closes: TYZ5 +5.00, FVZ5 +3.00. Dec T-notes on Thursday rose to a 4-week high and closed higher on increased safe-haven demand with the sell-off in the S&P 500 to a 3-week low and on speculation that the volatility in global markets along with economic growth concerns will keep the Fed from raising interest rates this year.
The dollar index (DXY00 +0.46%) this morning is up +0.348 (+0.36%) at a 5-week high. EUR/USD (^EURUSD) is down -0.0066 (-0.59%). USD/JPY (^USDJPY) is up +0.75 (+0.62%) at a 2-week high. Thursday's closes: Dollar Index -0.074 (-0.08%), EUR/USD +0.0044 (+0.39%), USD/JPY -0.21(-0.17%). The dollar index on Thursday closed lower on (1) weakness in USD/JPY as the sell-off in stocks boosted the safe-haven demand for the yen, and (2) speculation that a slowdown in global growth will keep the Fed from raising interest rates.
Nov crude oil (CLX15 +0.60%) this morning is up +31 cents (+0.69%) and Nov gasoline (RBX15-0.06%) is unch. Thursday's closes: CLX5 +0.43 (+0.97%), RBX5 -0.0099 (-0.73%). Nov crude oil and gasoline on Thursday settled mixed. Crude oil found support from a weaker dollar and from a forecast from Genscape that oil inventories at Cushing, OK, delivery point of WTI futures, will continue to decline because of seasonal refinery maintenance. Negative factors for crude oil prices included the fall in the S&P 500 to a 3-week low and the ongoing oil glut with U.S. crude inventories nearly 100 million bbl above the 5-year seasonal average.
GLOBAL EVENT CALENDAR09/25/2015
Q2 GDP expected unrevised from last +3.7% (q/q annualized). Q2 personal consumption expected revised to +3.2% from +3.1%. Q2 GDP price index, previous +2.1%. Q2 core PCE deflator expected unrevised at +1.8%.
St. Louis Fed President James Bullard speaks on a panel on monetary policy at an event in St. Louis.
Sep Markit services PMI expected -0.5 to 55.6, Aug +0.4 to 56.1. Sep Markit composite PMI, Aug unch at 55.7.
Final-Sep U.S. consumer sentiment index (University of Michigan) expected +0.8 to 86.5, prelim-Sep -6.2 to 85.7.
Kansas City Fed President Esther George speaks about the economy and monetary policy at an event in Omaha, NE.
USDA Q3 Hogs & Pigs Inventory.
Eurozone Aug M3 money supply expected +5.3% y/y and +5.2% 3-mon avg, Jul +5.3% y/y and +5.1% 3-mon avg.
U.S. STOCK CALENDAR09/25/2015
Hill-Rom Holdings Inc
ConAgra Foods Inc
Annual General Meeting
John Wiley & Sons Inc
Apple iPhone 6s and 6s Plus Become Available in 10 Countries