Looking Ahead to Wednesday's MarketOctober 9, 2012 @ 4:27 PM EST
Quick Recap of Tuesday’s Session:
Stocks finished significantly lower on Tuesday in a volatile session of trading. Major indices started the day modestly lower following the IMF cutting global growth forecasts which included citing added concern over European deficit targets. Stocks would fall hard and early as the selling algorithms took over, driving the Nasdaq below its 50-day moving average. While there were no headlines or major storylines intraday, growth concerns were the main issue dampening sentiment. Stocks finished at their worst levels, and the Nasdaq experienced its lowest close since August 30.
S&P 500 -0.99%, NASDAQ -1.52%, DJIA -0.81%, Midcaps -1.02%.
Looking Ahead to Wednesday:
- Overnight we get a handful of data from Europe, including: Industrial Production from France, Sweden, Italy, and Greece, Manufacturing from France, CPI from Denmark and Norway, Wholesale
Price Index from Germany, PPI from Norway, and Trade Balance from Portugal.
- Before the bell here in the U.S. is MBA Mortgage Purchase Applications.
- Shortly after the open is Wholesale Inventories at 10:00am EST.
- There is one notable earnings announcement before the open in Costco (COST).
- Tuesday was a particularly brutal session for the bulls. The selling was heavy and persistent throughout the day. However, Wednesday is already looking like a turnaround as Alcoa (AA) just reported an EPS and revenues beat on its earnings announcement. We’ll see if that is enough to quell the mounting global growth concerns for the time being.
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