Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
Market Insider with Patti Domm
Patti Domm
CNBC Executive News Editor
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Jobs and manufacturing data combine this morning to tell the tale of the consumer and manufacturing pillars of the economy for a market set on moving higher. Stock futures are moving up after markets around the world start the month of June with gains.
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Stocks are looking higher this morning after markets worldwide rode the wave of Wall Street's record-setting session yesterday. Wall Street was greeted this morning by merger news involving one of its own. Wachovia is buying Midwest broker A.G. Edwards for $6.8 billion, ranking the combined firm as one of the Street's biggest brokers and giving a big endorsement to the prospects for the retail brokerage and asset management businesses.
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Wall Street is heading for a down day after China's move to cool its overheated stock market with a tax hike drove Shanghai shares down 6.5% and pulled the floor out of stock buying around the world. Asian markets closed lower and European stocks are down across the continent. Some buyers appear to be moving into U.S. Treasurys where rates are slipping this morning.
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The shortened post-holiday week promises to be anything but quiet, as a wave of economic news could turn investor focus away from the now normal diet of merger activity and onto a feast of economic data that could show the U.S. economy may indeed be more resilient than expected.
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Stock futures are aiming at higher territory this morning after yesterday's rocky session. Asian markets were lower and Europe is mixed, but a round of merger activity has stock prices perking up on Wall Street. Existing home sales data will be a big focus this morning after yesterday's report of a surprising 16% jump in April new home sales.
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Former Fed Chairman Alan Greenspan dampened stock performance around the world with his warning yesterday that China's red-hot stock market will face a sharp decline some day. European markets are lower this morning and Asian markets closed mostly lower overnight. Yet China's Shanghai index shrugged off the comment, closing just 0.5% lower after managing to also hit a new intraday high in a volatile session.
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Wall Street is signaling a higher open this morning as merger activity continues to be a major catalyst for stocks. Europe's stock markets are moving higher this morning, and Asian stocks finished mostly higher.
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Today could be the day the S&P 500 sets a new closing high if pre-opening activity holds as a barometer. The Richmond Fed survey is the only data point due on a day that is already thick with deal activity. European markets are mixed and Asia was mostly higher.
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Stocks are looking for direction amid a flurry of takeover headlines this morning. Asian stocks were higher overnight on the back of Wall Street's Friday gains, but European markets are mostly weaker.
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Like a runaway train, merger activity will continue to drive stocks this week, but investors will keep a cautious eye on key retailer earnings and economic data likely to impact day-to-day moves.
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The S&P is poised for a losing week. Retailers are having an even worse time.
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Have not one, but two Pandora's Boxes get opened on Wednesday?
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Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
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