Great news.
Great news.
U.S. stock futures rose on Tuesday on cheer over an apparent win for Hillary Clinton over Donald Trump in the first U.S. presidential debate, but pared those gains as a slide in oil prices accelerated.
Futures for the Dow Jones Industrial Average were up 29 points, or 0.2%, to 18,043.00 after being up by triple digits earlier in the premarket session. Futures for the S&P 500 index picked up 4.3 points, or 0.2%, to 2,143.75. Futures for the Nasdaq-100 index added 10.75 points, or 0.2%, to 4,825.00.
Earlier, futures for each of those indexes climbed 0.6% in the wake of the first of three debates between Democratic candidate Clinton and her Republican rival. Stocks in Europe and Asia also advanced, but lost ground as the initial cheer faded.
"The idea that we're seeing a little more certainty over the outcome of November's U.S. presidential election is set to provide some direction here, even if last night's high-profile debate between the contenders failed to deliver any knock-out blows to either camp," said Paul Webb, deputy CEO at ADS Securities London, in a note.
"The perception on Wall Street is that [Clinton] would be the safer pair of hands, but with two further debates and six more weeks of campaigning to go, this race seems set to be a bountiful source of market volatility in the near term," he added.
Oil prices on Tuesday dropped almost 2% after Iran and Saudi Arabia poured cold water on hopes for a production-cap deal at the oil producers' meeting this week. The Wednesday meeting, on the sidelines of an energy conference in Algeria, will be "consultative," both nations said.
On Monday, U.S. stocks ended lower, as concerns about the outcome of the debate weighed on sentiment. After the debate, Accendo Markets noted that it is "still early days" to dismiss Trump's chances.
"Trump could be setting the bar low for the remaining faceoffs. And he does have a 'bouncebackability' that has already helped his campaign get within touching distance of the Oval Office," Accendo said in a note.
Mexico wave: In another sign suggesting financial markets pegged Clinton as the debate winner, the Mexican peso surged against the dollar on Tuesday. The greenback fell to 19.542 pesos, down from 19.879 pesos late Monday in New York.
The peso has been acting as a gauge of the presidential election sentiment on the theory that a victory for Trump will at the very least result in less trade between the two countries, if not the building of a barrier on the U.S. southern border.
The U.S. Dollar Index , a measure of the buck's strength against a basket of six key rivals, was up 0.1% at 95.378.
September 23, 2016
Earnings Scorecard: Of the 9 companies in the S&P 500 reporting earnings to date for Q3 2016, 6 have reported EPS above the mean estimate and 4 have reported sales above the mean estimate.
I am assuming the GAAP numbers are more in line with sales.
Igy
I provided actual numbers and you provided an assumption.
Earnie wrote:
Earnings Scorecard: Of the 9 companies in the S&P 500 reporting earnings to date for Q3 2016, 6 have reported EPS above the mean estimate and 4 have reported sales above the mean estimate.
I provided actual numbers and you provided an assumption.
Seeing as how 6 plus 4 does not equal 9, I don't think you can claim "actual numbers". Perhaps you can claim bad arithmetic?
Stop making sense wrote:
Earnie wrote:Earnings Scorecard: Of the 9 companies in the S&P 500 reporting earnings to date for Q3 2016, 6 have reported EPS above the mean estimate and 4 have reported sales above the mean estimate.
I provided actual numbers and you provided an assumption.
Seeing as how 6 plus 4 does not equal 9, I don't think you can claim "actual numbers". Perhaps you can claim bad arithmetic?
You can't possibly be that stupid. That is unless you're K5.
Earnie wrote:
I provided actual numbers and you provided an assumption.
Non-GAAP numbers are an assumption Earnie.
Igy
Ghost of Igloi wrote:
Earnie wrote:I provided actual numbers and you provided an assumption.
Non-GAAP numbers are an assumption Earnie.
Igy
False. They are legitimate numbers reported by corporations. If you still think otherwise, I challenge you to link us to better numbers for the same period.
Earnie,
If non-GAAP numbers are "legitimate numbers" why did the SEC recently issue guidelines for their use?
There is a reason they are called non-Generally Accepted Accounting Principles.
Of course you and your friends are free to believe that stock based compensation and the cost of failed businesses, are not a business expense.
Yea right!
Igy
You avoided my challenge. The reason is obvious.
Earnie,
S&P 500 does not report 3rd Quarter earnings until you are in the third quarter. You are quoting FactSet 3rd quarter outliers. As you may know FactSet, as a Wall Street entity, never reports GAAP numbers.
You got nothing but incomplete and manipulated data.
So sorry.
Igy
Earnie wrote:
September 23, 2016
Earnings Scorecard: Of the 9 companies in the S&P 500 reporting earnings to date for Q3 2016, 6 have reported EPS above the mean estimate and 4 have reported sales above the mean estimate.
Fact!
Earnie,The only earnings numbers signed by the CEO and CFO, as accurate under penalty of imprisonment, are GAAP earnings.That is the only fact you or anyone else needs to know.So sorry.Igy
Earnie wrote:
Earnie wrote:September 23, 2016
Earnings Scorecard: Of the 9 companies in the S&P 500 reporting earnings to date for Q3 2016, 6 have reported EPS above the mean estimate and 4 have reported sales above the mean estimate.
Fact!
Earnie wrote:
Ghost of Igloi wrote:Non-GAAP numbers are an assumption Earnie.
Igy
False. They are legitimate numbers reported by corporations. If you still think otherwise, I challenge you to link us to better numbers for the same period.
Bump. Put up or shut up.
Damn, Igy, you're a glutton for punishment. You're a better racist than investment guy.
Earnie,
The only bump or shut up is this: if you believe that stock based compensation and costs of failed businesses are not legitimate business expenses, and therefore should not be included to calculate earnings, then by all means make your investment decisions using non-GAAP earnings.
Just the gap between non-GAAP earnings and sales shows how wrong the metric is.
Perhaps you should change your handle to "non-Earnie."
So sorry.
Igy
...and Sliggy we know what you are good at.........nutt'in.....
Sally V wrote:
Damn, Igy, you're a glutton for punishment. You're a better racist than investment guy.
And we know what you're good at...degrading women. Oh, and giving bad investment advice.
U.S. stock futures traded roughly flat Wednesday, putting equities on track to catch their breath after the prior day's gain, which was credited in part to the outcome of the first U.S. presidential debate.
Investors are waiting for a big dose of Federal Reserve speeches, a reading on orders for big-ticket items and more signals from a key meeting of major oil producers.
S&P 500 futures were about unchanged at 2,152.75, while Dow Jones Industrial Average futures added 8 points, or less than 0.1%, to 18,147. Nasdaq-100 futures gained 1.50 points, or less than 0.1%, to 4,862.25.
On Tuesday, the S&P 500 closed 0.7% higher, while the Dow gained 0.7%, or 133 points. Analysts said investors bet that Hillary Clinton benefited more from Monday night's presidential debate, with stocks rising because the Democrat is widely seen as less unpredictable than her Republican rival Donald Trump.
The Fed front: Chairwoman Janet Yellen is due to testify about regulation and supervision before a House panel on financial services at 10 a.m. Eastern.
Elsewhere, St. Louis Fed President Jim Bullard is expected to deliver opening remarks at the St. Louis Fed's conference on community banking at 10:15 a.m. Eastern. Chicago Fed President Charles Evans is slated to speak at 1:30 p.m. Eastern about the economy at that same confab.
Cleveland Fed President Loretta Mester is expected to make remarks on the economic outlook and monetary policy at a forum in the Cleveland area at 4:35 p.m. Eastern.
In other economic news, an August report on durable goods orders is anticipated at 8:30 a.m. Eastern, with economists polled by MarketWatch forecasting a decline of 1.4%.
Oil meeting: Crude-oil prices traded higher as energy traders watched for headlines from a meeting of the Organization of the Petroleum Exporting Countries that is expected to end with no deal to freeze output.
"It's likely to be a busy day for financial markets with plenty of economic data, speeches from central bankers and the outcome of the informal OPEC meeting all to come throughout the session," said Craig Erlam, senior market analyst at Oanda, in a note.