Yellen live in an hour. First up, though, stocks in sellingoff mode away the world. Oil prices down sharply. Gold rallying to a one year high after yellen highlighted some of those risks to growth during ideas testimony on the hill but did not rule out gradual Interest Rate hikes. Shell be back there an hour from now, this time as we said before the Senate Banking committee. Some trying to argue this this morning is related to what she said. Do you buy that . I know Everyone Wants to be on fed centric, but im sitting here watching the rio tinto ceo basically saying this is it, were going to have a situation where not only the distressed players in the junior level and mid tier, but now the senior players will have trouble. Listen to bob did attituudley s fundamentals will kick in. Theyre more powerful than yellen. Yellen can be a force of calm by saying were just watching the world and we can talk about rate hikes when we have to, but were not going to talk about rate hikes today. Were
Hearing from honeywell as well. A few reports of note, 9 15 eastern time Industrial Production and then at 10 00 its Consumer Sentiment and the jolts report. Thats the job earnings and Labor Turnover survey thats closely watched. Big stories this morning, investors putting money to work in the latest week. The u. S. Stock based mutual funds attracted 2. 5 billion. This reversal following 8 billion of outflows during the prior week. Also in global news a big test for greeks left wing Prime Minister today. A penalty for early retirement and expansion of property tax. Cleveland fed president is addressing recent assent among policy makers. They have had different views on Monetary Policy in the last week. This isnt surprising and is the result of what she is calling cross currents in the Economic Data. She argues the central bank is trying to be as clear as it can on its rational for policy. Esther, who is there . Esther george was but loretta is an old name isnt it . Like a classic name.
You can see there is a bounce back. A lot of that coming from walmart. 44 points from walmarts deline alone. You can see this morning theres a bit of a bounce back. Dow futures are up by 107 points, s p futures up by 12 and the nasdaq up by 28. A couple of big stories were watching. First data priegs its ipo at 16 a share last night. Heres the bad news, thats below the 18 to 20 expected range. Selling 160 million shares to raise 2. 6 billion in total. It is the years largest Public Offering but albertson was expected to be the years second biggest ipo but the super market chain decided to delay its pricing due to market volatility. Also it could be that the market is now that window is closing. Mobile Payments Company square officially filed for its ipo saying it plans to list on the nyse under the ticker sq. The news comes just a week after square qceo was named ceo of twitter. It reported a net loss in the first half of this year. United health out with quarterly numbers. It Beat Est
1. 97. Our road map begins with a rally in the markets. Coming off a volatile day. Futures in the green. Adp numbers higher than expected as well. Jcpenney is feeling the holiday cheer. The stock is up nearly 20 in the premarket. Bill ackman is still unimpressed. The shooting at a paris office of a satirical magazine has left 12 dead. Well continue to bring you developments on that. First up, futures up sharply as the s p and nasdaq look to snap fiveday losing st the s p is in the midst of its second worst threeday losing streak to start the year since at least 1950. Oil prices also higher after brent fell below 50 for the first time. Ahead of the friday jobs number, adp 241. Not bad as theyve realized december higher. I dont know. Blankfein on squawk today. I thought the adp was interesting. Looks like the firings in the oil patch are either not impacting or theyre just not as great as we thought. I also felt that when i looked at the difficulterent earnings we got, we got some good o
Pipeline on shore and hasnt stopped at this point. Crews are trying to contain the mess. Right now lets get to the market business of the morning. You can see this morning the futures are missed. Up by 5. 5 and nasdaq down by 0. 5. They say the country will not be able to make an imf payment due without its international lenders. The euro hitting a two week low on renewed concerns about athens debt and in Corporate News the Justice Department expected to announce a settlement with five of the worlds biggest banks. Theyre accused of rigging the currency market. Fines are seen topping 5 billion. The first out of the gate. The swiss bank says it will plead guilty and pay 545 million to u. S. Authorities. A possible change in u. S. Tax regulations would effect the spin off in alibaba. Its working toward the plan spin off in the Fourth Quarter and ads it understood the irs statement was not specific to the company. It was a statement made yesterday about shifts in how they were going to be