Pre-opening Comments for Wednesday April 29th
U.S. equity index futures are higher this morning. S&P 500 futures gained 7 points in pre-opening trade.
S&P 500 futures were virtually unchanged following a worse-than-expected preliminary first quarter GDP report released at 8:30 AM EDT. Consensus was a decline of 4.7% versus a decline of 6.3% in the fourth quarter of 2008. Actual was a decline of 6.1%. The report included higher- than- expected consumer spending and lower- than- expected government spending.
Traders are awaiting news on U.S. interest rates from the Federal Open Market Committee meeting. The FOMC will announce its latest direction on monetary policy at 2:15 PM EDT. No change in policy is anticipated.
The House of Representatives votes on the U.S. budget today. Approval is anticipated.
Concern about rising long term interest rates in the U.S has spilled into the currency market this morning. Ten year Treasuries are yielding 3.01% this morning. The U.S. Dollar has fallen sharply. The Canadian Dollar at 82.97 is testing its recent high at 83.27. (more)
No comments:
Post a Comment