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Looking Ahead to Thursday's Market

August 22, 2012 @ 4:20 PM EST

by Don Moenning

Quick Recap of Tuesday’s Session:

Stocks finished narrowly mixed on Wednesday in another choppy session. Major indices started the day following European stocks lower amidst renewed concerns in Greece, as the struggling country announced that it needs more time to complete the reforms required to secure its promised financial support. Stocks traded mostly lower in a fairly quiet manner until 2pm EST when the FOMC Minutes was released. The Minutes indicated that many members thought additional accommodation was likely warranted unless the economy improves. This gave equities a boost higher, pushing major indices up towards even in the late afternoon. Stocks finished the day narrowly mixed, right around even.

S&P 500 +0.02%, NASDAQ +0.21%, DJIA -0.23%, Midcaps -0.20%.

Looking Ahead to Thursday:

  • Overnight we get Preliminary Manufacturing & Services PMIs from France, Germany, and the Eurozone, as well as German GDP.
  • Before the bell here in the U.S. we get Weekly Jobless Claims and Flash Manufacturing PMI.
  • Shortly after the open we get the Bloomberg Consumer Comfort Index at 9:45am EST. After that is the FHFA House Price Index, as well as New Home Sales, both at 10:00am EST.
  • Wednesday was back and forth for the majority of the session, with some volatility surrounding the FOMC Minutes release. The indication that additional easing may be on the horizon helped stocks bounce back after a weak morning, though it wasn’t enough to push things higher. With a few economic releases, including an important Flash Manufacturing PMI before the bell, we should see some significant movement in the market early on tomorrow morning.

 

  S&P 500 - Intraday
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  S&P 500 - Last 12 Months
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