European issues are looking to cause another negative start the the trading day domestically. Analysts are trying to figure if yesterday’s sharp sell-off is a sign of a bigger correction or just another opportunity for investors to buy a dip. Dow futures are currently down 36 points to 12,969. Nasdaq and S&P 500 futures are both off slightly, down 3 and 4 points respectively.
Jobless claims should help temper some of the European doldrums. Claims fell to 357k this week. The rolling 4-week average dropped 4k to to 361k. While job growth is not necessarily picking up steam, there hasn’t been a bump in the road either. The unemployment figures are slated for release tomorrow which is a market holiday.
In Europe, Spanish and Italian bond yields continue rise giving fuel to the fears that the EU is still unable to contain their sovereign debt crisis. France also saw a small jump in borrowing costs as it held a bond auction this morning. Thankfully it went off without a hitch, unlike yesterday’s poorly received Spanish auction. [Read more...]
