Euro strengthening after reaching a low around midnight. Stock futures edging higher despite mixed Economic Data in the u. S. The Federal Reserves seal of approval banks struggle to pass the stress test shares of citi and Morgan Stanley rise. Bank of america and others lose ground. The first cut is the deepest, box and shake shack releasing first Quarterly Results since ipos and the reaction on the stock is not pretty. Stock futures higher despite a surprise drop in retail sales down. 6 in february due to bad weather in parts of the country. Strip out auto sales fell. 1 . Claims fell more than expected last week down 36,000 to 289,000. We knew autos were going to be weak, and they were. Yeah. Februarys a weak month in our country, which is so funny because we are so used to thinking about one number, the employment number that we got. Everything else was just punk. The weathers very very important but a remainor to those saying like Richard Fisher departing the fed, its important that
We can draw connections to the dollar and bonds and soft macro data. Whatever you want to explain todays decline. Dow sinking 195 points, s p down 1. 01 . Nasdaq plunging 1. 64. I know i have heard all those consents bandied as the scourge of stock owners who got laid to waste today, pulverized. But i think this market is all about eve. Yeah. The original eve. Who was tricked by the serpent into eating the forbidden apple from the trees. And the whole investor class has been paying the price. The serpent in this case is that apple quarter. The one that seems so tempting to eager investors that they couldnt resist buying the stock ahead of, during and right after earnings. Reaching to the skies for it. Even as i begged you not to. Now the investor gods are making every stock pay and the pain wont end. The house of pain. Until these feckless apple traders given up the ghost. Sell sell sell. And then the stock bottoms. Hey, look i was going to go with the isaac newton thing. What goes up
Low. Our road map with stock futures in the red. Exxon and conocophillips moving some of those stocks. Sales force surging on the news it hired advisors to look at takeover offers. More of the apple watch dlis. A defective component to blame. Apple announcing another partnership with ibm. Well get to that in a minute. First up a lot for investors to digest on this final trading day of april. Consumer spending up 0. 4 last month. Claims down last week by 34,000 to 262,000. Thats a 15year low. Employment costs up 0. 7 . On the earnings front, exxonmobil did top estimates despite a 46 drop in First Quarter profit. Exxon revenue, i love these figures. Last year 106 billion. This quarter, 67 billion. You have to understand exxon had good production growth. People say no one got hurt buying the stock of exxon. This is why. Because exxon really hasnt done anything during this period. When oil was flying exxon did good not great. Oil goes down, exxon shows you the breadth of its products and w
Yesterday. Our road map begins with twitter taking a tumble after earnings leak early. Rick joins us first on cnbc later this morning. And starwood searching on a possible buy out down the road. Big reversal in go pro shares. Go pro guidance beating estimates. The u. S. Economy expanded by only point 2 in the first kwauter. This has businesses slashed investment and exports fail and Consumer Spending accelerates. They plan to wrap up their meeting a few hours from now. Investors will be paying close attention to some hints. Be sure to watch cnbcs special coverage today, 2 00 p. M. Eastern time. People are not expecting much jim, and much of todays data argues much so. Today is a surprising today whether every trend were looking at be for earnings or these numbers being turned on its head. When you see the gdp number if youre taking a step back what could the fed do to make the economy grow faster . This is a devastating number. Obviously, the future has went down a lot. People are so a
The roadmap begins with the markets looking to recover after logging their worst february start since 1982 for the dow and for the s p. Michael kors trounces estimates while jcpenney reports its first quarterly samestore beat in years. The parent of kfc, pizza hut and taco bell adds its recovering from the lingering fallout of food safety concerns in china. And apple is reported lie by the wall street journal and quietly laying the groundwork for a vast internet infrastructure capable of delivering a lot of data and content to consumer. The dow tumbled 326 yesterday and growing concerns of a weaker u. S. Economy surrounding emerging market worries and the nikkei down 42 overnight and the worst loss in nearly six months. That index is down i think 15 for the year to date, jim. Rough, rough. Terrible. When i see adella, your man might be in there. Your man, no one knows him very well. Exactly. Were out of data. Weve had nothing but notsogreat data. Its going to snowstorm tonight and this