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Post: Wednesday - Yellen speaks. | Daily Delphi

BlogsPit Talk › Wednesday - Yellen speaks. May 7, 2014, 6:50 am

CALENDAR
6:00 AM CT
MBA Mortgage Index for 5/03
Prior -5.9%
7:30 AM CT
Productivity - Prel for Q1
Prior 1.8% Forecast -1.2%
Unit Labor Cost for Q1
Prior -0.1% Forecast 2.5%
9:30 AM CT
Crude Inventories for 5/3
Prior 1.698M
2:00 PM CT
Consumer Credit for Mar
Prior $16.5B Forecast $16.0B

TUESDAY'S ACTION
Equity indices finished yesterday's session on their lows after spending the entire day in negative territory. The Dow was off -129 points at 16,401, and the S&P 500 was off -16 points at 1,867. The Nasdaq was down 1.4 percent at 4,080, and the Russell 2000 fell 1.6 percent to 1,108, closing below its 200-day moving average for the first time since November 2012.

TODAY'S ACTION
Asian markets finished their session in the red. European markets have erased early losses and are trading in the green. In corporate news, AOL (AOL) and Molson Coors (TAP) will report earnings before the open. Tesla (TSLA) and SolarCity (SCTY) will report after the close. The big news of the day will be Fed Chair Yellen's testimony on Capitol Hill. Traders are expecting a very dovish tone so anything resembling hawkishness could send the markets for a loop. (She's done it before.) Trade strong.


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