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Post: Thursday - Citi may be the story today. | Daily Delphi

BlogsPit Talk › Thursday - Citi may be the story today. March 27, 2014, 6:50 am

CALENDAR
7:30 AM CT
Initial Claims for 3/22
Prior 320K Forecast 330K
Continuing Claims for 3/15
Prior 2889K Forecast 2900K
GDP - 3rd Estimate for Q4
Prior 2.4% Forecast 2.6%
GDP Deflator - 3rd Estimate for Q4
Prior 1.6% Forecast 1.6%
9:00 AM CT
Pending Home Sales for Feb
Prior 0.1% Forecast -0.2%

WEDNESDAY RECAP
Durable orders were flying high in February, the market expected a 1.0% increase but the number came in at 2.2%. Sounds great but the majority of strength came in the transportation sector not manufacturing. Boeing reported 74 aircraft orders in February but the rest of the country wasn't doing so great. The markets responded accordingly and stayed on the defensive with all the major indices closing in the red.

TODAY'S ACTION
Asian markets ended Thursday's trade mixed and European markets are trading mostly lower at midday. US futures are are up slightly ahead of the open despite yesterday's late session selloff and the fact that the Big Momma panned Citigroup's funding plans yesterday. Citi is one of 30 large banks required to submit to an anual stress test. The Federal Reseve didn't like what they saw, so today investors can expect pressure across the banking sector. Traders will also get a look at the always volatile initial claims data and the pending home sales report which is expected to show a monthly decline of -0.2%. We'll also get a third look at the Q4 GDP forecast - shouldn't be any surprises there.


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