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24Jan2017 Pre-Market Commentary: Wall Street Quiet, Flat, As Investors Await Corporate Earnings, Crude Prices Recovering And US Dollar Slipping Again

Written by Gary

U.S. stock index futures were flat on the green side (SPY +0.1%) as investors await quarterly earnings reports. The dollar sold off after President Trump's nominee for Treasury Secretary Steven Mnuchin said that an "excessively strong" dollar can have negative short-term impacts on the U.S. economy.


Here is the current market situation from CNN Money

European markets are higher today with shares in Germany leading the region. The DAX is up 0.16% while London's FTSE 100 is up 0.15% and France's CAC 40 is up 0.02%.

What Is Moving the Markets

Here are the headlines moving the markets.

Trump calls for more U.S. auto jobs, factories ahead of CEO meeting

WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday will push the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV to increase production in the United States and boost American employment.

Futures flat as earnings season gathers pace

(Reuters) - U.S. stock index futures were little changed on Tuesday as investors assessed quarterly earnings reports, while seeking more clarity on President Donald Trump's economic policies.

After U.S. exit, Asian nations try to save TPP trade deal

WELLINGTON/TOKYO (Reuters) - Australia and New Zealand said on Tuesday they hope to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian countries to join the trade pact after U.S. President Donald Trump kept a promise to abandon the accord.

U.S. judge approves Volkswagen dealers $1.2 billion settlement

WASHINGTON (Reuters) - Volkswagen AG's dealers will receive an average of $1.85 million in a $1.2 billion settlement approved by a U.S. judge on Monday over its diesel emissions scandal.

DuPont expects Dow merger to close later than expected

(Reuters) - Chemicals and seeds producer DuPont indicated on Tuesday that its $130-billion merger with Dow Chemical Co will take longer to wrap up than previously expected as the companies await regulatory approvals.

Verizon earnings and subscriber additions fall short of estimates

(Reuters) - Verizon Communications Inc's quarterly profit fell short of expectations and the No. 1 U.S. wireless carrier added fewer subscribers than anticipated in the fourth quarter as it struggles to fend off rivals in a maturing wireless market.

Whirlpool to cut 500 EMEA jobs in dryer manufacturing unit

(Reuters) - Whirlpool Corp said on Tuesday it would restructure its Europe, Middle East and Africa dryer manufacturing operations, and cut about 500 jobs in the region.

Citi to make decision on Brexit plans in first half: Europe chief

DUBLIN (Reuters) - U.S. bank Citigroup will make a decision on its Brexit contingency plans in the first half of the year and choose from a number of potential EU counties to relocate some investment banking business, the bank's European chief said on Tuesday.

Alibaba posts 54 percent rise in third-quarter revenue, raises 2017 guidance

(Reuters) - Alibaba Group Holding Ltd on Tuesday posted a 54 percent rise in third-quarter revenue, beating analyst estimates, helped by higher sales during its Single's Day shopping event and increased earnings in its cloud and digital media ventures.

Senate Democrats Introduce $1 Trillion Infrastructure Plan, Offer Trump Support If He Backs It

Senate Democrats are set to unveil a $1 trillion infrastructure plan and offer President Donald Trump their support if he backs it, the NYT reports.

The plan includes $180 billion to rail and bus systems, $65 billion to ports, airports and waterways, $110 billion for water and sewer systems, $100 billion for energy infrastructure, and $20 billion for public and tribal lands.

Cited by the Times, Chuck Schumer said "our urban and rural communities have their own unique set of infrastructure priorities, and this proposal would provide funding to address those needed upgrades that go beyond the traditional road and bridge repair." The Senate Democrat leader adds that "We're asking President Trump to work with us to make it a reality/"

As part of his agenda, Trump has promised to unveil an ambitious infrastructure package during the first 100 days of his presidency. "We will build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation," he vowed in his Inaugural Address.

One of Trump's top advisers said Monday, however, that the president's plan may run into roadblocks in the Republican-led Congress.

"He has to come up with a financing plan, and I think there's going to be a little bit of a tug of war between the conservatives in the Republican party who are concerned about deficits and the president who's concerned about jobs," Richard LeFrak said on CNBC's "Squawk Box." "I think he will prevail, ultimately, because he wants to put people to work."

Republicans resiste ...

Trump "Day Two": Preview Of Today's Key Events In Washington

"Day two" on the job for Donald Trump is shaping up as another busy day for both the White House and Capitol Hill. Below is a preview of all the scheduled events of interest today in Washington.

WHITE HOUSE:


9am: President Trump meets with CEOs of the U.S. 'Big Three' automakers: GM, Ford, Fiat Chrysler

10am: Trump meets with Chief of Staff Reince Priebus

11am: Trump signs executive order; White House schedule doesn't provide details on what order may entail

1pm: Trump speaks with Indian Prime Minister Narendra Modi

1:30pm: Trump meets with CIA Director Mike Pompeo

3pm: Trump meets with Senate leaders

3:45pm: Trump meets with Senate Majority Leader Mitch McConnell

HOUSE:


10am: House convenes

10:30am: House Ways and Means Cmte Chairman Kevin Brady details panel's 2017 agenda; U.S. Chamber of Commerce, 1615 H St. NW

Noon: House considers H.R.7, which would amend Affordable Care Act to bar expenditure of federal money to purchase insurance that covers abortion services

SENATE:


9:30am: Senate Armed Services Cmte holds hearing on defense budget for FY18 and onward; 216 Hart Senate Office Building

10am: Senate Judiciary Cmte votes on nomination of Sen. Jeff Sessions for attorney general; 226 Dirksen Senate Office Building

10am: Senate Banking, Housing and Urban Affairs Cmte votes on nomination of Ben Carson for HUD secretary; 538 Dirksen Senate Office Building

10am: Senate Finance Cmte holds hearing on nomination of Rep. Tom Price for HHS secretary; 215 Dirksen Senate Office Building

10am: Senate Commerce, Science and Transportation Cmte to vote on nominations of Elaine Chao for Transportation secretary and Wilbur Ross for Commerce secretary; 253 Russell Senate Office Building

10:30am: Senate Budget Cmte holds hearing o ...

Frontrunning: January 24



Dollar steadies after stumble, sterling rides out Brexit ruling (Reuters)

After U.S. exit, Asian nations try to save TPP trade deal (Reuters)

U.K. Court Rules Brexit Trigger Needs Parliamentary Vote (BBG)

Brexit plans unlikely to be slowed by Article 50 defeat (Reuters)

Health Secretary Nominee Proposed Bill Benefiting Puerto Rico Investments (WSJ)

How Trump Would Rework Nafta—and What Mexico, Canada Want in Return (BBG)

Trump calls for more U.S. auto jobs, factories ahead of CEO meeting (Reuters)

Belarus Businessman Said to Be Indirect Source on Trump Dossier? (WSJ)

Canadian Drillers Brave Deep Freeze as Oil Patch Revives Growth (BBG)

A $90 Billion Wave of Debt Shows Cracks in U.S. Real Estate Boom (BBG)

Apple Takes a Bite Out of Qualcomm

The timing of la lawsuit throws completion of the NXP Semiconductors deal into question, along with future royalties.

Halliburton's Rebound Isn't Good Enough

Halliburton's results benefited from a sharp recovery in shale oil production, but it may have been too little for investors.

Big Telecoms Keep Investors on Hold

A saturated wireless market has hindered giants Verizon Communications and AT&T even as competition from smaller rivals exerts a drag on subscriber and revenue growth. The carriers' earnings reports this week are unlikely to offer much encouragement.

Market Extra: Why BT's stock just plunged 19% and wiped $9 billion off its market cap

One of the U.K.'s largest telecom companies BT Group has admitted that the cost of its Italian accounting scandal will be far greater than expected and investors are showing no mercy in either London or New York trade.

Market Snapshot: Dow futures in holding pattern as raft of earnings hits

U.S. stock-index futures show little change Tuesday, even as a flurry of earnings reports drive premarket moves in Verizon, Johnson & Johnson and other household names.

Need to Know: Trump and the bulls look set to rip a hole in oil prices

Our call of the day says if you like oil at $50 a barrel , you may not be too happy with what's coming next as more money managers hop on the bull train for this commodity.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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