Weather Alert

Patchy Freezing Drizzle Possible Through the Remainder of the Night

The main surge of steady mixed wintry precipitation has moved out of the region with a potential for some periods of freezing drizzle through the remainder of the night glazing untreated and elevated surfaces.  Temperatures will continue to slowly rise overnight, likely into the lower 30s towards daybreak, with much improved travel conditions for the Wednesday morning commute.

WEATHER ALERT

May 5, 2014 -- 8:30 a.m. - 05/05/14

Stock index futures are suggesting a lower open on Monday. The Dow is down 0.4%. The S&P 500 and NASDAQ are both trading 0.5% below fair value on Globex.

The major averages are poised to decline following disappointing data from China. A preliminary report showed manufacturing activity in the worlds second largest economy contracted for a fourth consecutive month. Futures are also lower as investors focus on the situation in Ukraine. Over the weekend, violence continued as fighting in an eastern city left seven people dead.

On the earnings front, Pfizer is down 1.3% to $30.34 despite posting profits above consensus estimates. Tyson Foods is 1.2% higher at $43.15 after its quarterly results topped analyst projections. Shares of JP Morgan are down 2.8% to $54.05 following its reduced forecast for second-quarter revenues. In the retail space, Target is off 0.9% to $61.45 after the company announced its CEO is stepping down in the wake of the data breach over the holiday season.

European markets are down at midsession. The DAX is falling 1.4% in Frankfurt. The FTSE is closed for holiday. Asian markets were little changed overnight. Chinas Shanghai Composite was essentially flat, up less than 0.1% amid disappointment in the preliminary manufacturing data. Japan was quiet with the Nikkei closed for holiday.

Treasuries are modestly higher. Benchmark 10-year notes are up 2/32 to yield 2.58%. The 30-year bond is unchanged, yielding 3.37%

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.

 

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