What the heck just happened?
US stocks appeared bent on moving higher in premarket, regardless of what the news might bring.
Burgeoning global flu outbreak, noise from North Korea, trouble in Pakistan, dreadful US GDP — all not a problem.
Should be interesting to read the after-action reports on this session, which featured some of the more counter-intuitive trading we’ve seen lately. Continue reading…
Twitter’s exponential growth has received a ton of press lately. But a new study shows many of those folks experimenting with the site don’t actually come back.
The microblogging service’s website generates 6M unique viewers a month. But Nielsen Online says 60% of Twitter.com’s users leave the site the following month, meaning Twitter retains less than half of its new users.
“Twitter has enjoyed a nice ride over the last few months,” says David Martin, the VP of primary research at Nielsen Online. “But it will not be able to sustain its meteoric rise without establishing a higher level of user loyalty.”
We have liftoff.
Judging by the way US stocks are performing this afternoon, one might guess 1Q GDP came in at a positive 6.1% instead of negative, if you didn’t know any better.
Before the open, we had a sense it would take a staggeringly awful batch of numbers to alter the bullish bias reflected in stock futures, but who had any idea we’d get a rally like this? Financials, industrials, energy and consumer discretionary lead the advance. Continue reading…
Look what we found at the bottom of the ravine.
US stocks shoot higher as investors keep searching for “green shoots” in the economy while largely ignoring the dismal 1Q GDP report.
The 6.1% GDP decrease in 1Q, coupled with the 6.3% contraction last quarter means the economy suffered through its worst six-month slump since the Eisenhower administration. A little disconcerting? You bet.
But GDP is a lagging indicator and the market seems to have already digested the horrible news through various reports in recent weeks and months, James Picerno writes at The Capital Spectator.
While investors remain well-braced for bad news, bulls continue to find support in US economic data and corporate earnings that either aren’t as bad as feared, or even show some signs of improvement.
Important to note that data, like markets, don’t move in a straight line, so be careful about taking recent indications of a leveling off as sign of a bottom. Corpulent inventory of homes for sale, mountain of foreclosures and no sign of turnaround in employment trends suggest caution’s still warranted.
First look at 1Q GDP due at 8:30am. Anything close to the expected 4.6% decline should sustain this morning’s positive vibe for US stocks. FOMC statement due around 2:15pm ET. S&P futures up 7; 10-yr lower, yield at 3.01%.
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