CNBC's Domm: Today's Agenda in the Markets
Stocks are heading for a lower opening as some weak tech earnings worry investors. The dollar continues to fall against major currencies. Asian markets were higher overnight, but European stocks are lower. There are no big data items today but earnings could sway direction.
Research in Motion, still reeling from its earnings disappointment last week, took a hit in customer confidence last night when its popular BlackBerry wireless e-mail system suffered a major outage, starting at about 8 pm New York time. Users in the entire Western hemisphere were affected and the company has no time frame on when service will be restored. The company had infrastructure failures and messages continue to be delayed. Expect a big drop off in productivity today, as workers are forced use computers to read their email and frantically search out phone numbers. Our Jim Goldman will follow this story today.
Good for America?
The dollar is getting pounded again, hitting a 26-year low against the British pound. The euro and other currencies also continue to strengthen. Our Steve Liesman will look at why the dollar continues to go downhill and what it means for the U.S. economy.
Yesterday, Yahoo! disappointed, and its stock is being punished. CFO Susan Decker will talk to our Liz Claman on "Morning Call" today.
IBM earnings rose in line with analysts' estimates, but Goldman Sachs this morning took a knife to its rating and cut the stock to neutral, saying it sees a slowdown in tech spending. But Intel had good news. The company raised its forecast for the year and showed improvement in gross margins when it reported after the bell. Plus CFO Andy Bryant told our Jim Goldman that Intel is reclaiming market share from rival AMD . See the full interview on CNBC.com.
This morning, J.P. Morgan Chase first quarter net jumped 50%, beating expectations. United Technologies reported profits just above expectations, and Motorola reported a steep decline in profits and said the current quarter also will be disappointing. EBay reports after the bell.
The Dow starts the day just 13 points shy of its record close. The Dow was higher for the fourth straight session and has been higher 12 of the last 13 trading days. Year to date, it is up 2.5%.
The S&P 500 rose slightly yesterday to a fresh 6-1/2 year high and is within 60 points of its all time record close, reached on March 24, 2000. Nasdaq though was down yesterday and is 8 points below its Feb. 22 high. Nasdaq has gained 4.2% since Jan. 1.
Crude is weaker today, after it fell 51 cents to close at $63.10 yesterday. Gasoline also traded lower, off nearly six cents at $2.0558 per gallon on Nymex.