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08:30 am : S&P futures vs fair value: +9.20. Nasdaq futures vs fair value: +15.80. According to official government statistics, nonfarm payrolls for March fell 663,000, which is slightly more than the 660,000 job losses that economists expected. March's tally reflects 12,000 more job losses than the month before. The national unemployment rate now stands at 8.5%, which is spot on with what was expected, but up from the previous rate of 8.1%. Average hourly earnings for March were up 0.2% month-over-month, which matched expectations, while average weekly hours for March were in-line at 33.2. Stock futures are improving in the wake of the announcement.
 
08:01 am : S&P futures vs fair value: -3.90. Nasdaq futures vs fair value: -8.50. There are no earnings or economic reports due this morning, making for an overall slow-news morning. However, The Wall Street Journal reports that federal bank regulators plan to meet early this week to analyze the results from the bank stress tests they administered. During the past weekend, Treasury Secretary Geithner indicated in an interview that the government would consider removing management at financial companies if the government were to offer exceptional assistance to keep those companies operating. Shares of major diversified banks and financial services companies are trading moderately lower ahead of the opening bell, as are stock futures for the broader market.
 
08:37 am : S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -16.30. European indices have turned lower after initial signs of strength. France's CAC is down a modest 0.1% due to relative strength in financial outfits Societe Generale and BNP Paribas. However, fellow financial company AXA (AXA) are trading lower; its shares were downgraded by analysts at JPMorgan. Germany's DAX is also down 0.1% as its stock listings trad in mixed fashion; half of the DAX's 30 listings are trading with gains. Meanwhile, Britain's FTSE is trading 0.5% lower, despite strength in global financial giant HSBC (HBC). HSBC successfully raised $18.5 billion in capital through a share rights issue, according to The Wall Street Journal. In Asia, the MSCI Asia-Pacific Index closed 0.4% higher and Japan's Nikkei closed with a 1.2% gain. Exporters gained on a weaker yen, helping Toyota (TM) and Mitsubishi Motors. Reuters.com reports the Japanese government plans to unveil a new economic stimulus package worth more than 2% of GDP on Friday. In Hong Kong, the Hang Seng advanced 3.1%, with HSBC (HBC) outperforming. Mainland China's Shanghai Composite was closed for holiday.
 
08:03 am : S&P futures vs fair value: -16.60. Nasdaq futures vs fair value: -20.50. Despite signs of support heading into the prior session's close, stocks are back under pressure this morning. There isn't much news flow to digest, which could make for some listless trading. However, investors will soon have plenty of cues when earnings season unofficially begins with Alcoa's (AA) reports its latest quarterly results after this session's close. Earnings results are expected to be downbeat across the board, so many investors focusing on guidance for signs of improving conditions.
 
08:35 am : S&P futures vs fair value: -15.20. Nasdaq futures vs fair value: -17.00. The major European bourses are trading with marked weakness this session. Their decline comes largely as a result of falling bank share prices. HSBC (HBC) is a primary laggard on Britain's FTSE, which is down 1.9%. Royal Bank of Scotland (RBS) is also trading lower. The company indicated that the government's stake in the bank's operations will rise to 70%, according to Reuters. Meanwhile, a Dow Jones report indicates the RBS will cut 9,000 jobs in the next two years. Deutsche Bank (DB) is weighing on Germany's DAX, which is down 1.1%. Allianz (AZ) is a primary laggard in the DAX, however. As for France's CAC, which is down 1.3%, BNP Paribas, Societe Generale, and Total (TOT) are leading losses. In Asia, Japan's Nikkei slipped just 0.3%. The Japanese Central Bank said Tuesday that it would accept loans on deeds to municipal goverments as collateral from lenders, and also voted unanimously to leave its benchmark interest rate unchanged at 0.1%. Meanwhile, Hong Kong's Hang Seng shed 0.5%.
 
09:05 am : S&P futures vs fair value: -15.70. Nasdaq futures vs fair value: -17.50. Diversified banks and diversified financial services companines are showing particular weakness ahead of the opening bell. In premarket trading, shares of JPMorgan Chase (JPM) are down roughly 2.2% to $27.59 per share; shares of Bank of America (BAC) are down 3.3% to $7.23 per share, and Wells Fargo (WFC) shares are down 3.3% to $14.75 per share. Much of their downturn comes as investors and traders move to take profits after watching diversified banks stocks and diversified financial services stocks soar almost 44% and 60%, respectively, during the month leading up to this week. Though the surge by financials helped drive gains in the broader market, the broader move was recently characterized as a bear market rally by famed investor George Soros. Soros noted that the economy has yet to turn around. Moreover, weakness in the broader market this morning comes as foreign indices slide; much of their weakness stems from declins among financial stocks as well.
 
08:07 am : S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: +7.00. Dow component Alcoa (AA) unceremoniously began earnings season with a deeper-than-expected loss. The company reported after yesterday's closing bell a first quarter loss of $0.59 per share, which is $0.02 worse than the loss of $0.57 per share that was widely expected. Shares of AA are trading modestly higher in premarket action, recently up 0.8% to $7.85 per share. Mosaic (MOS) also reported after yesterday's close; the company announced first quarter earnings of $0.18 per share, which is short of the consensus estimate of $0.24 per share. MOS was recently quoted 8.5% lower at $39.29 per share in premarket trading. Juniper Networks (JNPR) announced it expects first quarter adjusted earnings to range from $0.16 to $0.17 per share, which is within the company's prior guidance of $0.15 to $0.17 per share. Shares of JNPR are up nearly 6% to $16.55 per share ahead of this session's opening bell. Bed Bath & Beyond (BBBY) reported first quarter earnings of $0.55 per share, which is far better than the $0.44 per share that analysts came to expect. BBBY is up almost 14% to $29.00 per share in premarket trading. This morning discount retailer Family Dollar (FDO) posted in-line earnings of $0.60 per share for its second fiscal quarter, and issued upside guidance. Family Dollar expects third quarter earnings to range from $0.54 to $0.58 per share, which exceeds the $0.50 per share that was forecast by analysts. Shares of FDO are up 4.0% to $33.95 per share in premarket trading. The announced Outside of earnings news, the U.S. Treasury will extend bailout funds to struggling life insurance companies, according to The Wall Street Journal. Specifics of the program aren't completely available yet. The Federal Reserve announced that its second TALF auction received $1.7 billion in requests, which is down from the $4.7 billion requested in March. Pulte Homes (PHM) and Centex (CTX) announced they will merge their companies in a transaction valuing shares of CTX at $10.50 per share, which is a significant premium above CTX's prior session closing price of $7.62 per share. Stock futures for the major indices point to a relatively flat start.
 
08:40 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +13.80. Action is relatively quiet in Europe. France's CAC is up 0.3%. AXA (AXA) and Societe Generale, which were the prior session's laggards, are providing leadership this session. Britain's FTSE is currently down 0.1%. Rio Tinto (RTP) is showing strength, but global banking giant HSBC (HBC) and integrated energy outfits BP PLC (BP) and Royal Dutch Shell (RDS.B) are trading as laggards. Meanwhile, Germany's DAX is up 0.5% with Allianz (AZ) showing weakness; the company's shares were downgraded by analysts at JPMorgan. Automaker Daimler (DAI) is showing strength even though an article in The Wall Street Journal indicated the company expects a significant loss for the first quarter. Asian markets showed weakness in Wednesday's trading. Japan's Nikkei fell by 2.7%; Kyocera was a laggard. Hong Kong's Hang Seng slipped 3.0% as HSBC traded as a laggard, but Industrial and Commercial Bank of China helped limit losses. Mainland China's Shanghai Composite fell 3.8%. The MSCI Asia Pacific Index lost 2.2%.
 
09:03 am : S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +14.50. Despite the absence of any new headline or economic release, stock futures have improved from earlier levels to suggest that a solid start for the major indices may now be in order. Market participants have been relatively jittery during the past couple of sessions since earnings season brings a considerable amount of uncertainty. That puts added focus on forecasts and guidance. Additionally, market participants will be taking their cues from economic data as the data become available; at 2:00 PM ET the Fed releases the minutes from its March meeting.
 
08:00 am : S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +8.80. There aren't any market-moving earnings reports out this morning, but many retailers are reporting same-store sales results for March. The results thus far have been mixed. Wal-Mart (WMT) will likely garner the most attention. Typically, the report is regarded as a harbinger of overall retail activity, but the number should be analyzed with the understanding that stiff consumer headwinds in recent months have helped Wal-Mart gain at the loss of other retailers. Just hitting the wires, Wells Fargo (WFC) issued upside guidance for the first quarter, causing stock futures to push higher. Weekly jobless claims are due at the bottom of the hour. Without doubt the reading will reflect continued weakness in labor markets. The February trade balance and March Import Price Index are also due at 8:30 AM ET. This is the last trading session of the week; markets are closed Friday for holiday observance.
 
08:30 am : S&P futures vs fair value: +15.60. Nasdaq futures vs fair value: +15.80. Initial jobless claims for the week ending April 4 totaled 654,000, which is down 20,000 from the week before, and slightly below the 660,000 initial claims that were expected. Continuing claims, meanwhile, totaled 5.84 million, which marks a new record high. Continuing claims were expected to come in at 5.80 million, while the prior week's tally was upwardly revised to reflect 5.75 million continuing claims. Separately, the February trade deficit totaled $26.0 billion, which is less than the $36.0 billion deficit that was widely expected. January's reading was revised incrementally lower to reflect a deficit of $36.2 billion. Import prices for March increased 0.5% month-over-month and decreased 14.9% year-over-year. Import prices were expected to increase 0.9% month-over-month, but decrease 14.7% year-over-year. Stock futures continue to lead fair value by a solid margin.
 
09:05 am : S&P futures vs fair value: +18.60. Nasdaq futures vs fair value: +19.30. European stocks are trading with strong gains, helped along by news that Wells Fargo (WFC) expects to post a record first quarter profit of $3 billion, or $0.55 per share, which is far better than the $0.23 per share that had been forecast by Wall Street. The announcement has helped bolster shares of HSBC (HBC) and Barclays (BCS) on Britain's FTSE, which is up 1.1%. Barclays confirmed it has entered into an agreement to sell its interest in the Barclays Global Fund Advisors and certain affiliated companies, more commonly known as its iShares business, to a newly created holding company of CVC Capital Partners Group. Dow Jones reports the business will be sold for $4.4 billion. Barclays expects the transaction to be completed later this year. Separately, the Bank of England left its benchmark interest rate unchanged at 0.5%, as expected. Germany's DAX is up 2.3%. Deutsche Bank (DB) is primary leader on the German bourse. Meanwhile, France's CAC is sporting a 1.6% gain, helped along by financial outfits AXA (AXA) and BNP Paribas. ArcelorMittal (MT) and Total (TOT) are also providing support. In Asia, the MSCI Asia-Pacific Index closed 3.1% higher, and Japan's Nikkei closed 3.7% higher after the Japanese government announced a larger-than-expected economic stimulus plan, equivalent to 3.1% of the country's GDP. The stimulus plan also includes a backup scheme in which a government entity could potentially buy shares from markets with guarantees. The market also benefited on news of an unexpected rise in machinery orders. In Hong
 
08:00 am : S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -3.50. Shares of Goldman Sachs (GS) are trading roughly 2.5% lower at $126.87 per share in premarket action. The relative weakness comes in the wake of the company's first quarter announcement, which featured earnings of $3.39 per share. The consensus estimate had been set at $1.60 per share. While the company's earnings results were certainly pleasing, they are being overshadowed by the company's decision to cut its quarterly dividend to $0.35 per share from $0.467 per share and the decision to issue a $5 billion public offering of common equity, which will prove dilutive to existing shareholders. Dow component Johnson & Johnson (JNJ) posted first quarter results of $1.26 per share, which bested the $1.22 per share consensus estimate. J&J also reaffirmed its outlook for 2009; the company expects earnings to range from $4.45 to $4.55 per share this year, while Wall Street is expecting $4.49 per share. Shares of JNJ are up roughly 1.5% to $51.91 per share in premarket trading. The March Producer Price Index and March Advance Retail Sales Report are due at the bottom of the hour. Prior to their release, Dow Jones reported Fed Chairman Bernanke stated that there are tentative signs the economic decline may be slowing and that he is fundamentally optimistic about the economy. Stock futures currently point to a flat start for the broader market.
 
08:35 am : S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -2.00. The Producer Price Index for March decreased 1.2% month-over-month. Economists had expected the index to remain flat after a monthly increase of 0.1% in February. Meanwhile, core PPI was flat month-over-month, which was relatively in-line with the 0.1% increase that was widely expected. February core PPI had increased 0.2% month-over-month. Year-over-year, producer prices decreased 3.5%, which is a steeper decline than the 2.2% decline that was expected, and down from the 1.3% annual decline registered in February. Core producer prices for March increased 3.8% year-over-year, which wasn't as sharp as the 4.0% increase that was expected. Core prices for February had increased 4.0% year-over-year. Advance Retail Sales for March showed a decrease of 1.1%, which is far from the 0.3% increase that was widely expected. Meanwhile, the February reading was revised upward to reflect an increase of 0.3%. Excluding autos, retail sales for March were down 0.9%. They were expected to be flat after increasing 1.0% in the prior month. Stock futures continue to suggest a flat start is in order for the major indices.
 
09:05 am : S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -10.50. Trading in Europe has resumed after an extended holiday weekend. Banks and financial services companies are providing the most leadership. The German DAX is leading gains as it climbs 0.8%, thanks to strength in Deutsche Bank (DB). Commerzbank is also trading with strength. Financials are also helping France's CAC, which is up 0.3%. BNP Paribas, Societe Generale, Credit Agricole, and AXA (AXA) are currently the primary leaders in the CAC. Total (TOT) is trading as a laggard, though. According to an article in The Wall Street Journal, Total is in advanced negotiations with China and Venezuela regarding a multibillion dollar oil production and refining venture. Meanwhile, Britain's FTSE is lagging the other headline indices as it trades 0.4% lower. Global finanical giant HSBC (HBC) is the primary leader in Britain, but Lloyds Banking (LYG) and Barclays (BCS) are also lending support. Reports yesterday indicated that Barclays is understood to be examining offers for the whole of its Global Investors business as it shops for offers to rival that of CVC. In Asia, the MSCI Asia-Pacific Index closed 1.1% higher, led by banks. Japan's Nikkei slipped 0.9% as auto stocks fell amid worries regarding General Motors (GM). Toyota Motor (TM), Honda Motor (HMC), and Nissan Motor (NSANY) fell. Bank stocks gained, though. Mitsubishi UFJ Financial (MTU) and Sumitomo Mitsui Financial Group advanced. In Hong Kong, the Hang Seng gained 4.6%, lifted by hopes for stabilization in the financial sector and reassuring data from China. HSBC led the charge after Goldman Sachs (GS) reported better-than-expected earnings for its first quarter. New monthly loans in China increased almost 30% from the prior year to hit a record high last month as the money supply swelled, raising expectations for an early recovery in the mainland's economy. In mainland China, the Shanghai Composite tacked on 0.5%.
 
WASHINGTON (AP) -- Retail sales fell unexpectedly in March, delivering a setback to hopes that the economy's steep slide could be bottoming out.

The Commerce Department said Tuesday that retail sales dipped 1.1 percent in March. It was the biggest decline in three months and a much weaker showing than the 0.3 percent increase that analysts expected.
A big drop in auto sales led the overall slump in demand. Sales also plunged at clothing stores, appliance outlets and furniture stores.


http://finance.yahoo.com/news/Retai...77.html?sec=topStories&pos=main&asset=&ccode=
 
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