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Post: Thursday - Tough day for tech? | Daily Delphi

BlogsPit Talk › Thursday - Tough day for tech? April 17, 2014, 6:50 am

CALENDAR
7:30 AM CT
Initial Claims for 4/12
Prior 300K Forecast 320K
Continuing Claims for 4/5
Prior 2776K Forecast 2800K
9:00 AM CT
Philly Fed for April
Prior 9.0 Forecast 8.6
9:30 AM CT
Natural Gas Inventories for 4/12
Prior 4 bcf

WEDNESDAY RECAP
US stocks closed higher Wednesday to cap a three day run that leaves the market up roughly 2.5% for the week. Great news but low volume. Housing starts came in aligned with expectations as building permits came in slightly lower. Industrial production also came in better than expected at 0.7% vs expectations of 0.5%. Fed Chairwoman Yellen also spoke some words of comfort for the markets at the Economic Club of New York but as always that depends on what direction you were listening from.

TODAY'S ACTION
Overnight Asian markets closed with mixed results and European markets are trading lower. Google and IBM both reported earnings that missed estimates after yesterday's close. That will likely put pressure on the tech sector during today's session. Today twenty-five companies in the S&P 500 report earnings. Notable among those reporting today: Goldman Sachs (GS), Morgan Stanley (MS), General Electric (GE) and PepsiCo (PEP). We'll also get a look at the always volatile initial claims number which may show a weekly rise in first time claims to 320K and the Philly Fed, expected to come in at 8.6. Traders will also be watching as diplomats from the US, EU, Ukraine and Russia meet in Geneva to discuss the ongoing crisis. This is the last day of trade for the week, so some investors are expecting profit taking going into the long weekend. Trade strong.


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