Market Overview

#PreMarket Primer: Wednesday, February 12: The Market Likes Yellen

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Janet Yellen is a friend of the markets—at least for now.

During her Capitol Hill testimony yesterday, Yellen said that the central bank would consider more than the unemployment rate when evaluating the U.S. labor market. This comment contributed to much of Tuesday's market gains.

Tuesday, the Dow was up 192.98 points to finish the day at 15,994.77 after briefly crossing over the 16,000 mark. This represents a retracement of about half of its recent losses. The S&P was up 1.1 percent, or about 20 points, to 1,819.75 and the NASDAQ was up about one percent to close at 4,191.04.

This morning, U.S. markets are moving higher in premarket trading. The Dow is indicated up about 27 points while the S&P is three points higher. The NASDAQ is trending up about five points.

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More snow is ravaging the south and is forecast to move up the east coast. Natural gas price are again rising as a result.

Procter & Gamble (NYSE: PG) is cutting its full year outlook on currency concerns. The stock is down about 0.88 percent in premarket trading.

Asian Markets

Better-than-expected Chinese trade data pushed markets higher. The Nikkei was up about 0.6 percent to close at 14,800.06 and the Hang Seng was up nearly 1.5 percent to finish at 22,285.79.

The Shanghai Composite closed 0.3 percent higher at 2,109.96 and the Kospi was up about 0.2 percent closing at 1,953.84.

European Markets

Europe is full of green arrows this morning. The FTSE is up about 0.5 percent at 6,704.30 and the DAX is 0.9 percent higher at 9,565.86. Finally, the CAC is 0.6 percent higher at 4,308.67.

Commodities

Commodities are higher with the exception of gold. WTI is up about 0.7 percent at $100.64 while Brent is 0.4 percent higher at $109.08. Natural gas is up two percent at $4.92 on concerns over the winter weather crippling the south.

Gold is down about 0.2 percent at $1,287.10 and silver is higher at $20.18. Copper is up about one percent at $3.24.

Currencies

The euro is 0.04 percent higher against the dollar at 1.364 and the dollar is about 0.2 percent stronger against the yen at 102.37.

The pound is 0.3 percent higher against the dollar at 1.65 and the Aussie dollar is at 0.949 against the dollar—up about 0.15 percent.

Pre-Market Movers

Kodiak Oil & Gas (NYSE: KOG) is down eight percent while Clean Energy Fuels (NASDAQ: CLNE) is down 3 percent. Yelp (NASDAQ: YELP) is up 2.8 percent and Icahn Enterprises (NYSE: IEP) is up 4.3 percent.

Notable Earnings

Earnings reports from Tuesday:

  • The Mosaic Company (NYSE: MOS) reported fourth quarter EPS of $0.30, missing the consensus estimate of $0.42. Revenue of $2.2 billion beat the consensus estimate of $1.87 billion.
  • CVS Caremark (NYSE: CVS) reported fourth quarter EPS of $0.39, beating the consensus estimate of $0.35. Revenue of $32.8 billion beat the consensus estimate of $32.67 billion.
  • Sprint (NYSE: S) reported fourth quarter EPS of -$0.26, beating the consensus estimate of -$0.33. Revenue of $9.14 million beat the consensus estimate of $7.75 million.

The following companies will report after the closing bell today:

  • MetLife (NYSE: MET) is expected to report Q4 EPS $1.30 on revenue of $17.4 billion.
  • Cisco Systems (NASDAQ: CSCO) is expected to report Q2 EPS of $0.46 on revenue of $11.03 billion.
  • Deere (NYSE: DE) is expected to report Q1 EPS of $1.52 on revenue of $6.62 billion.
  • Whole Foods (NASDAQ: WFM) is expected to report Q1 EPS of $0.44 on revenue of $4.29 billion.
  • NetApp (NASDAQ: NTAP) is expected to report Q3 EPS of $0.71 on revenue of $1.63 billion.

To see more, read our Earnings schedule for today.

Economics

At 10:30 AM ET, the EIA Petroleum Status Report will reach the market.

For a recap of Tuesday's market action, click here.

Tune into Benzinga's #PreMarket Prep show at 8:00 am EST here.

Posted-In: Clean Energy FuelsEarnings News Eurozone Futures Forex Pre-Market Outlook Markets Best of Benzinga

 

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