Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Market Primer: Dow Erases Loss

By Benzinga (Benzinga )Market OverviewMay 24, 2013 07:46AM ET
Market Primer: Dow Erases Loss
By Benzinga (Benzinga )   |  May 24, 2013 07:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

The buy on the dip mentality seems to be alive and well in this market as the Dow erased a loss of more than 120 points to end close to flat on the day. Let’s not forget that this is a market that found a way to attract buyers on a day when the Nikkei was down more than 7 percent and took most of the global markets with it.

This morning, markets around the world are quiet with most major averages near the flat line.

Morning News
S&P 500 futures are down nearly 3 points to 1647.25

The EUR/USD was up at 0.38 percent to 1.2984

German 10-year government bond yields are unchanged at 1.466 percent.

Italian 10-year government bond yields rose nearly 1 basis point to 4.014 percent.

Gold was down 0.47 percent to $1,386.60 per ounce.

St. Louis Fed President James Bullard told CNBC that inflation needs to move closer to target before QE is tapered.

The Nekkei saw extreme volatility once again. Up more than 2 percent close to its open, it closed up just shy of 1 percent.

ECB head, Mario Draghi said that the euro zone was more stable than one year ago and that the region needed more integration with the U.K. as a part of that, according to CNBC.

Asia Pacific Markets
The Nikkei rebounded from Thursday’s plunge by gaining at the open but couldn’t find the continued buying interest. It ended up 0.89 percent to close at 14612.45.

Other markets were mostly up. The Kopsi was up 0.22 percent, the Shanghai composite was up 0.57 percent, and the ASX 200, the Australian index, was down 1.56 percent.

European Markets
European markets were up this morning. The Spanish Ibex Index was unchanged and the Italian FTSE MIB Index was up 0.35 percent. Meanwhile, the German DAX was up 0.15 percent and the French CAC 40 was up 0.62 percent while the U.K. market was down 0.19 percent.

Commodities followed other market cues and remain mostly flat. WTI Crude futures fell 0.07 percent to $94.28 per barrel while Brent Crude futures were up 0.05 percent to $102.49 per barrel. Copper futures were up 0.30 percent to $331.40 and silver futures were down 0.12 percent to $22.48 per ounce.

The Japanese Yen was stronger against the dollar gaining 0.34 percent at101.66. The GBP/USD was down 0.02 percent at 1.5104, and the EUR/USD was up 0.38 percent to 1.2984

Earnings Reported Thursday

  • Sears Holdings (SHLD) reported EPS of -$1.29 with revenues of $8.45 billion. Analysts expected EPS of $-0.65.
  • Gap, Inc. (GPS) reported EPS of $0.71 with revenues of $3.73 billion
  • Inc. (CRM) reported EPS of $0.10 with revenues of $839 million.
  • Marvell Technology (MRVL) reported EPS of $0.19 with revenues of $734 million.
  • Pandora (P) reported EPS of -$0.10 on revenues of $125.05 million.

Friday’s Earnings
  • Abercrombie & Fitch (ANF) is expected to report EPS of -$0.05 with revenues of $942.86 million.
  • Foot Locker (FL) is expected to report EPS of $0.87 with revenues of $1.63 billion.
Pre-Market Movers
Markets are clearly taking a breather this morning prior to the open, following the cue of world markets.

  • Procter & Gamble (PG) was up 1 percent on news that A.G. Lafley is taking over as CEO.
  • Comerica (CMA) was up 0.67 percent. The company was recently downgraded by Oppenheimer.
  • Gap was down 2.08 percent on disappointing earnings

Today, durable goods will be reported at 8:30 am EST.

Have a great day and remember to not only watch the major indices but also the breadth of the market. How are the sectors within the market acting?

BY Tim Parker
Market Primer: Dow Erases Loss

Related Articles

Market Primer: Dow Erases Loss

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email