MORNING CALL 3/15

MORNING CALL

Tuesday, March 15th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.56%) are down -0.50% and European stocks are down -0.71% as a slide in commodity prices drags down raw material and energy producing stocks. Freeport-McMoRan is down over 5% in pre-market trading as the price of gold drops to a 1-1/2 week low and Schlumberger Ltd. SLB is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low. Also, long liquidation in stocks is pulling prices lower ahead of the 2-day FOMC meeting that begins today. Asian stocks settled mostly lower: Japan -0.68%, Hong Kong -0.72%, China +0.17%, Taiwan-1.56%, Australia -1.43%, Singapore -0.27%, South Korea -0.13%, India -1.02%. Japanese stocks retreated, led by a fall in exporters, as the yen strengthened against the dollar after the BOJ maintained a negative interest rate and kept asset-purchase plans unchanged following its policy meeting today.

The dollar index (DXY00 +0.11%) is up +0.19%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.62%.

Jun T-note prices (ZNM16 +0.16%) are up +6 ticks.

As expected, the BOJ refrained from additional stimulus following the conclusion of today's policy meeting and said it "will examine risks to economic activity and prices, and take additional easing measures in terms of three dimensions -- quantity, quality, and the interest rate - if it is judged necessary for achieving the price stability target."

U.S. STOCK PREVIEW

Key U.S. news today includes: Feb retail sales (expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos), (2) Feb final-demand PPI (expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y) and Feb PPI ex food & energy (expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y), (3) Mar Empire manufacturing survey business conditions index (expected +6.64 to -10.00, Feb +2.73 to -16.64), (4) Mar NAHB housing market index (expected +1 to 59, Feb -3 to 58), (5) Jan business inventories (expected unch, Dec +0.1%), and (6) the first day of the FOMC's 2-day policy meeting (federal funds rate target expected unchanged at 0.25%-0.50%).

There are 6 of the Russell 1000 companies that report earnings today: Oracle (consensus $0.62), FactSet (1.52), DSW (0.07), HD Supply (0.24), Alere (0.58), TerraForm Power (-0.21).

U.S. IPO's scheduled to price today: Senseonics Holdings (SENH).

Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Schlumberger Ltd. (SLB -2.08%) is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low.

Tiffany (TIF +0.03%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

Freeport-McMoRan (FCX +4.40%) is down over 5% in pre-market trading as metals declined with the price of gold at a 1-1/2 week low.

Delphi Automotive (DLPH -0.31%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $88.

Cardinal Health (CAH -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Cowen.

TeleTech Holdings (TTEC +0.07%) reported Q4 adjusted EPS of 47 cents, below consensus of 52 cents.

Outerwall (OUTR +0.73%) rose 9% in after-hours trading after it boosted its quarterly dividend by 100% to 60 cents a share and said it hired Morgan Stanley for strategic and financial alternatives.

Black Diamond (BDE -4.50%) rallied over 12% in after-hours trading after it reported Q4 adjusted EPS of 2 cents, better than consensus of a -1 cent loss.

Dover (DOV -0.70%) may be active today after the CEO said in after-hours trading that it sees Q1 results "well below our prior expectations."

MannKind (MNKD +4.51%) slumped over 10% in after-hours trading after it reported a Q4 loss of -66 cents, a much bigger loss than consensus of -5cents.

InVivo Therapeutics Holdings (NVIV -4.74%) dropped over 8% in after-hours trading after it announced a public offering of stock and warrants, packaged as units. Prices and volumes have yet to be announced.

Biocryst Pharmaceuticals (BCRX -1.41%) rose over 5% in after-hours trading after D.E. Shaw raised his passive stake in the company to 5.1% from 3.5%.

Inigen (INGN +3.09%) jumped over 12% in after-hours trading after reported Q$ EPS of 19 cents, well above consensus of 7 cents, and raised guidance on 2016 revenue to $187 million-$191 million from a prior projection of $177 million-$181 million, above consensus of $181 million.

Amphastar Pharmaceuticals (AMPH +2.99%) climbed over 8% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, well above consensus for a -5 cent loss.

Immunomedics (IMMU +3.92%) slumped over 15% in after-hours trading after it terminated a Phase 3 trial after patients with metastatic pancreatic cancer showed no improvement after receiving it its 90Y clivatuzumab tetraxetan.

Celator Pharmaceuticals (CPXX +9.80%) exploded over 300% higher in after-hours trading after it announced positive results from a Phase 3 clinical trial on usage of its Vyxeos Liposome for treatment of patients with acute myeloid leukemia,

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 -0.56%) this morning are down -10.00 points (-0.50%). Monday's closes: S&P 500 -0.13%, Dow Jones +0.09%, Nasdaq +0.13%. The S&P 500 on Monday closed lower on weakness in energy producer stocks after crude oil sold off by -3.4% and on position-squaring ahead of the 2-day FOMC meeting that begins Tuesday. Stocks found supported from a +1.75% rally in China's Shanghai Composite and increased M&A activity after Apollo Global offered to buy Fresh Market for $1.4 billion.

Jun 10-year T-notes (ZNM16 +0.16%) this morning are up +6 ticks. Monday's closes: TYM6 +2.50, FVM6 +0.50. Jun T-notes on Monday closed higher on increased safe-haven demand with the sell-off in stocks and on the -3.4% slide in crude oil prices that pushed inflation expectations lower.

The dollar index (DXY00 +0.11%) this morning is up +0.185 (+0.19%). EUR/USD ^EURUSD) is down -0.0014 (-0.13%). USD/JPY (^USDJPY)is down-0.71 (-0.62%). Monday's closes: Dollar Index +0.452 (+0.47%), EUR/USD -0.0053 (-0.48%), USD/JPY -0.04 (-0.04%). The dollar index on Monday settled higher on the sell-off in crude oil, which undercut the currencies of the crude exporting countries of Russia and Canada against the dollar. The dollar was also boosted by weakness in EUR/USD on the prospects for the Fed to keep raising interest rates while the ECB maintains or even expands stimulus measures.

Apr WTI crude (CLJ16 -2.50%) this morning is down -91 cents (-2.45%) at a 1-week low and Apr gasoline (RBJ16 -2.17%) is down -0.0268 (-1.88%). Monday's closes: CLJ6 -1.32 (-3.43%), RBJ6 -0.0217 (-1.50%). Apr crude oil and gasoline on Monday closed lower on the stronger dollar and on Iranian Oil Minister Bijan Namdar Zanganreh's comment that Iran plans to boost its crude production by about a third to 4 million bpd before it will consider joining any move to rebalance the market.

GLOBAL EVENT CALENDAR03/15/2016

US	0830 ET	Feb retail sales expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos. Feb retail sales ex-autos and ex-gasoline expected +0.2%, Jan +0.4%.
	0830 ET	Feb PPI final demand expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y. Feb PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y.
	0830 ET	Mar Empire manufacturing survey business conditions expected +6.64 to -10.00, Feb +2.73 to -16.64.
	1000 ET	Mar NAHB housing market index expected +1 to 59, Feb -3 to 58.
	1000 ET	Jan business inventories expected unch, Dec +0.1%.
	1100 ET	FOMC begins 2-day policy meeting.
JPN	0030 ET	Revised Japan Jan industrial production, preliminary +3.7% m/m and -3.8% y/y.
	0030 ET	Japan Jan capacity utilization, Dec -1.0% m/m.
	0030 ET	Japan Jan tertiary index expected +0.3% m/m, Dec -0.6% m/m.
	n/a	BOJ announces interest rate decision.
EUR	0600 ET	Eurozone Q4 employment, Q3 +0.3% q/q and +1.1% y/y.

U.S. STOCK CALENDAR03/15/2016

Company	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.515
DSW Inc	DSW US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.072
HD Supply Holdings Inc	HDS US	6:00	Q4 2016 Earnings Release	Q4 2016	0.242
LKQ Corp	LKQ US	8:00	Investor Day	Y 2016
HD Supply Holdings Inc	HDS US	8:00	Q4 2016 Earnings Call	Q4 2016
DSW Inc	DSW US	8:30	Q4 2016 Earnings Call	Q4 2016
Gaming and Leisure Properties Inc	GLPI US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Western Digital Corp	WDC US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
SanDisk Corp	SNDK US	11:00	Extraordinary Shareholders Meeting	Y 2016
FactSet Research Systems Inc	FDS US	11:00	Q2 2016 Earnings Call	Q2 2016
CBS Corp	CBS US	14:00	Investor Day	Y 2016
Toro Co/The	TTC US	14:30	Annual General Meeting	Y 2016
Oracle Corp	ORCL US	17:00	Q3 2016 Earnings Call	Q3 2016
Oracle Corp	ORCL US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.62
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Questar Corp	STR US		Roadshow - Boston	Y 2016
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
SanDisk Corp	SNDK US		Special Meeting - M&A Vote
Alliance Data Systems Corp	ADS US		Credit-card Charge-offs and Delinquencies
Alere Inc	ALR US		Q4 2015 Earnings Release	Q4 2015	0.576
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
ADT Corp/The	ADT US		Annual General Meeting	Y 2016
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies
TerraForm Power Inc	TERP US		Q4 2015 Earnings Release	Q4 2015	-0.206
TerraForm Power Inc	TERP US		Q4 2015 Earnings Call	Q4 2015

MORNING CALL 12/24

MORNING CALL

Thursday, December 24th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.05%) are down -0.05% and European stocks are down -0.15% in thin uninspired holiday trade. The U.S. equity markets shut early today at 1300 EST for Christmas Eve and markets in the U.K., France and Netherlands also close early, while Germany, Switzerland and Italy are closed all day. Weakness in crude oil is pushing energy producers lower, while miners and raw-material producers are weaker after a +1,525 MT increase in LME copper inventories to a 2-week high undercuts copper prices. Asian stocks settled mixed: Japan -0.51%, Hong Kong +0.44%, China-0.65%, Taiwan +0.10%, Australia +1.28%, Singapore +0.49%, South Korea -0.49%, India -0.04%. China's Shanghai Composite closed lower, led by weakness in health-care and property companies, on speculation that new initial public offerings (IPOs) will divert funds away from existing stocks. Japan's Nikkei Stock Index closed lower as the yen rallied to a 1-3/4 month high against the dollar, which reduces the earnings prospects of exporter stocks and pushed them lower.

The dollar index (DXY00 -0.24%) is down -0.36% at a 1-week low. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.45% at a 1-3/4 month low.

Mar T-note prices (ZNH16 unch) are up +1.5 ticks.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -1,000 to 270,000, previous -11,000 to 271,000) and continuing claims (expected -38,000 to 2.200 million, previous -7,000 to 2.238 million), and (2) the Treasury's announcement of next week's sale of 2, 5 and 7- year T-notes. The NYSE closes early today at 1:00 PM ET, CME equity and interest rate futures close early at 1:15 PM ET, and CME energy and metals products close early at 1:45 PM ET.

None of the Russell 3000 companies report earnings today.

U.S. IPO's scheduled to price today: none.

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Freeport-McMoRan (FCX +16.04%) is up over 1% in pre-market trading on positive carryover from Wednesday's 16% surge.

Spark Energy (SPKE +1.65%) was cut to 'Hold' from 'Buy' at Wunderlich.

TransMontaigne Partners LP (TLP +4.59%) was raised to a 'Buy' at Stifel with a price target of $27.

Billionaire investor Carl Icahn reported a 12.1% stake in Pep Boys Manny Moe & Jack (PBY +3.02%) .

Hyatt Hotels (H +2.96%) dropped over 1% in after-hours trading after it said it found malware on its payment processing computers.

Caesars Entertainment (CZR +1.75%) climbed over 2% in after-hours trading after an appeals court in Chicago ruled that two lower-court judges used faulty reasoning to deny Caesars’s request to halt a series of New York lawsuits that threaten to put its parent company into bankruptcy.

Cal-Maine Foods (CALM +1.72%) slipped nearly 4% in after-hours trading after it reported Q2 EPS of $2.26, below consensus of $2.40.

Norfolk Southern (NSC +0.91%) declined over 1% in after-hours trading after it said it rejected a higher bid from Canadian Pacific Railway saying the offer was "grossly inadequate."

MannKind (MNKD +2.67%) named Duane DeSisto, previous CEO of Insulet from 20013-2014, as its new CEO.

Agenus (AGEN +1.58%) rose over 3% in after-hours trading after it acquired PhosImmune for $9.9 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.05%) this morning are down -1.00 point (-0.05%). Wednesday's closes: S&P 500 +1.24%, Dow Jones +1.06%, Nasdaq +0.77%. The S&P 500 on Wednesday closed higher on (1) the as-expected +0.3% increase in U.S. personal spending and the +0.3% increase in Nov personal income, stronger than expectations of +0.2%, and (2) the +0.8 point increase in the final U.S. Dec University of Michigan consumer sentiment to 92.6, stronger than expectations of +0.2 to 92.0 and a 5-month high. Stocks also received a boost from strength in energy and commodity producers after crude oil prices rallied sharply.

Mar 10-year T-notes (ZNH16 unch) this morning are up +1.5 ticks. Wednesday's closes: TYH6 -5.50, FVH6 -2.00. Mar T-notes on Wednesday closed lower on reduced safe-haven demand with the rally in stocks and on the sharp rally in crude oil prices that boosted inflation expectations as the 10-year T-note breakeven inflation rate rose to a 1-1/2 week high.

The dollar index (DXY00 -0.24%) this morning is down -0.250 (-0.36%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0032 (+0.29%). USD/JPY (^USDJPY) is down -0.55 (-0.45%) at a 1-3/4 month low. Wednesday's closes: Dollar Index +0.106 (+0.11%), EUR/USD -0.0045 (-0.41%), USD/JPY-0.15 (-0.12%). The dollar index on Wednesday closed higher on (1) the stronger-than-expected U.S. Nov personal income report (+0.3% vs. expectations of +0.2%), which bolsters the case for the Fed to keep raising interest rates, and (2) the stronger-than-expected U.S. Dec University of Michigan consumer sentiment that rose to a 5-month high.

Feb crude oil (CLG16 +0.69%) this morning is down -7 cents (-0.19%) and Feb gasoline (RBG16 +1.44%) is up +0.0037 (+0.30%). Wednesday's closes: CLG6 +1.75 (+4.84%), RBG6 +0.0840 (+7.08%). Feb crude oil and gasoline on Wednesday settled sharply higher on the unexpected -5.88 million bbl decline in weekly EIA crude inventories, and the +1.11 million bbl increase in EIA gasoline supplies (vs expectations of +1.50 million bbl).

GLOBAL EVENT CALENDAR12/24/2015

US	0830 ET	Weekly initial unemployment claims expected -1,000 to 270,000, previous -11,000 to 271,000. Weekly continuing claims expected-38,000 to 2.200 million, previous -7,000 to 2.238 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Dec 28-30.
	1300 ET	NYSE closes early.
	1315 ET	Early closes for CME equity and interest rate futures markets.
	1345 ET	Early closes for CME energy, metals and DME products.
JPN	1830 ET	Japan Nov overall household spending expected -2.2% y/y, Oct -2.4% y/y.
	1830 ET	Japan Nov jobless rate expected +0.1 to 3.2%, Oct 3.1%. Nov job-to-applicant ratio expected unch at 1.24.
	1830 ET	Japan Nov national CPI expected +0.3% y/y, Oct +0.3% y/y. Nov national CPI ex-fresh food expected unch y/y, Oct -0.1% y/y. Nov national CPI ex food & energy expected +0.8% y/y, Oct +0.7% y/y.
	1830 ET	Japan Dec Tokyo CPI expected +0.1% y/y, Nov +0.2% y/y. Dec Tokyo CPI ex fresh food expected +0.1% y/y, Nov unch y/y. Dec Tokyo CPI ex food & energy expected +0.6% y/y, Nov +0.6% y/y.
	1850 ET	Japan Nov PPI services expected +0.4% y/y, Oct +0.5% y/y.

U.S. STOCK CALENDAR12/24/2015

Company	Ticker	Time	Event Description	Period	Estimate
No events

BARCHART MORNING CALL 4/2

BARCHART MORNING CALL

Wednesday, April 2nd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.09%) this morning are up +0.09% and European stocks are up +0.02% on optimism that today's U.S. data on Mar ADP employment will show job growth accelerated and data on Feb factory orders will show the U.S. economic recovery is gathering steam following the harsh winter. Asian stocks closed mostly higher: Japan +1.04%, Hong Kong +0.34%, China +0.81%, Taiwan +0.36%, Australia +0.26%, Singapore -0.18%, South Korea +0.29%, India +0.47%. Japan's Nikkei Stock index climbed to a 3-week high as exporters rallied after the yen fell to a 2-1/4 month low against the dollar, which boosts the earnings prospects for exporters. Commodity prices are mixed. May crude oil (CLK14 -0.50%) is down -0.46%. May gasoline (RBK14 -1.01%) is down -0.78%. Jun gold (GCM14 +0.30%) is up +0.30%. May copper (HGK14 +0.94%) is up +0.79% at a 3-week high on concern that an 8.2 magnitude earthquake in Chile, the world's biggest copper producer, may have damaged mining operations in the country. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.01%) is down -0.01%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.04% at a 2-1/4 month high. June T-note prices (ZNM14 -0.10%) are down -5 ticks.
Eurozone Feb PPI fell -0.2% m/m and -1.7% y/y, a bigger decrease than expectations of unch m/m and -1.6% y/y, with the -1.7% y/y drop the biggest annual decline in 4-years.
UK Mar nationwide house prices rose +0.4% m/m and +9.5% y/y, less than expectations of +0.8% m/m and +9.7% y/y, although the +9.5% y/y increase is the biggest annual gain in 3-3/4 years.

U.S. STOCK PREVIEW

Today’s March ADP employment report is expected to show an improvement to +195,000 from +139,000 in February. Today’s Feb factory orders report is expected to show an increase of +1.2%, more than recovering from the -0.7% decline seen in January. There is 1 of the Russell 1000 companies that reports earnings today: Monsanto (consensus $3.06). Equity conferences during the remainder of this week include: Pacific Crest Future Technology Investor Forum on Wed, Wolfe Research Power Gas Deep Dive Conference on Wed, Wells Fargo Tech Transformation Summit on Wed, Mitsubishi UFJ Securities Utilities Conference on Wed, Pacific Crest Future Technology Investor Forum on Wed, Wells Fargo Tech Transformation Summit on Wed-Thu, HSBC Real Estate Conference on Thu, and Wells Fargo Tech Transformation Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Oppenheimer keeps an 'Outperform' rating on Yum! Brands (YUM +0.89%) as it raises its price target on the stock to $89 from $80.
Bernstein says shares of Google (GOOG +1.83%) are undervalued at current levels as it keeps an 'Outperform' rating on the stock and a price target of $1,500.
Carter's (CRI -0.99%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.
Cognizant (CTSH +2.11%) was upgraded to 'Buy' from 'Neutral' at UBS.
Comerica (CMA -0.29%) was upgraded to 'Market Perform' from 'Underperform' at Wells Fargo, which cites improved commercial lending activity.
DSW (DSW +3.18%) was upgraded to 'Hold' from 'Sell' at Brean Capital due to valuation.
Urban Outfitters (URBN +0.49%) reports that its Q1 Same-Store-Sales to date are low single-digit negative.
MannKind (MNKD -16.77%) announced that a U.S. FDA advisory panel voted 13 to 1 to recommend that the Afrezza Inhalation Powder be granted FDA marketing approval to improve glycemic control in adults with type 1 diabetes.
Apollo Education (APOL +2.69%) fell over 3% in after-hours trading after it reported Q2 EPS ex special items of 28 cents, better than consensus of 19 cents, although it reported Q2 revenue of $679.1 mllion, below consensus of $689.04 million.
RA Capital reported a 8.0% passive stake in Enanta (ENTA -2.78%) .

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.09%) this morning are up +1.75 points (+0.09%). The S&P 500 on Tuesday posted a record high and closed higher. Bullish factors included signs of strength in the global economy after (1) the Mar ISM manufacturing index rose +0.5 to 53.7, a smaller increase than expectations of +0.8 to 54.0, although the Mar ISM new orders sub-index rose +0.6 to a 3-month high of 55.1, (2) the German Mar unemployment fell by a more-than-expected -12,000 with the German Mar unemployment rate unchanged at 6.7% (the lowest since data for a reunified Germany began in 1991), and (3) the China Mar manufacturing PMI rose +0.1 to 50.3, slightly better than expectations of -0.1 to 50.1. Closes: S&P 500 +0.70, Dow Jones +0.46%, Nasdaq +1.74%.
Jun 10-year T-notes (ZNM14 -0.10%) this morning are down -5 ticks. Jun 10-year T-note futures prices on Tuesday closed lower. Negative factors included (1) the rally in the S&P 500 to a record high, and (2) reduced geopolitical risks after Russian President Putin told German Chancellor Merkel that he ordered a partial withdrawal of Russian troops from the Ukraine border although that pull-back has yet to be seen. T-notes found support on the weaker-than-expected Mar ISM manufacturing index and the decline in the Mar ISM employment sub-index to a 9-month low. Closes: TYM4 -4.50, FVM4 -1.75.
The dollar index (DXY00 +0.01%) this morning is down -0.009 (-0.01%). EUR/USD (^EURUSD) is down -0.0006 (-0.04%). USD/JPY (^USDJPY) is up +0.04 (+0.04%) at a 2-1/4 month high. The dollar index on Tuesday closed slightly lower after a rally in the S&P 500 to a record high curbed safe-haven demand for the dollar. EUR/USD rose after German Mar unemployment fell by a larger than expected -12,000 and the German Mar unemployment rate remained at a record low 6.7%. USD/JPY posted a 3-week high on reduced safe-haven demand for the yen as stocks rallied. Closes: Dollar index -0.006 (-0.01%), EUR/USD +0.00236 (+0.17%), USD/JPY +0.425 (+0.41%).
May WTI crude oil (CLK14 -0.50%) this morning is down -46 cents (-0.46%) and May gasoline (RBK14 -1.01%) is down -0.0223 (-0.78%). May crude and gasoline prices on Tuesday closed lower. Bearish factors included (1) the smaller-than-expected increase in the Mar ISM manufacturing index, a sign of reduced energy demand, and (2) expectations for Wednesday’s weekly EIA crude supplies to increase by +2.5 million bbl, the eleventh consecutive increase. Closes: CLK4 -1.84 (-1.81%). RBK4 -0.0482 (-1.65%).

GLOBAL EVENT CALENDAR04/02/2014

US	0700 ET	Weekly MBA mortgage applications, previous -3.5% with purchase sub-index +2.8% and refi sub-index -7.7%.
	0815 ET	Mar ADP employment change expected +195,000, Feb +139,000.
	0945 ET	Mar ISM New York, Feb 57.0.
	1000 ET	Feb factory orders expected +1.2%, Jan -0.7%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1255 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Greater Miami Chamber of Commerce.
	1600 ET	St. Louis Fed President James Bullard takes questions from reporters prior to a lecture in St. Louis, MO.
UK	0200 ET	UK Mar nationwide house prices expected +0.8% m/m and +9.7% y/y, Fen +0.6% m/m and +9.4% y/y.
EUR	0500 ET	Eurozone Feb PPI expected unch m/m and -1.6% y/y, Jan -0.4% m/m and -1.4% y/y.
JPN	1915 ET	Japan Mar manufacturing & services composite PMI.
CHI	2100 ET	China Mar non-manufacturing PMI, Feb +1.6 to 55.0.

U.S. STOCK CALENDAR04/02/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Monsanto Co	MON US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	3.064
Monsanto Co	MON US	9:30	Q2 2014 Earnings Call	Q2 2014
AutoNation Inc	AN US		March 2014 Sales and Revenue Release	2014
Synopsys Inc	SNPS US		Annual General Meeting