Atlantic International Partnership Headlines:US stock market, economy and companies update (May 03, 2011)

Markets remained choppy following the NY open. Stock prices are finding little momentum while the NASDAQ and Russell continue to noticeably underperform. The Greenback remains under pressure but it is having much less of an effect on commodities this session. Factory orders topped estimates while General Motors reported strong April sales figures. The US benchmark 10-year yield declined to 3.25% matching that of the German Bund for first time since November.
- Overall Q1 earnings reports are being greeted with some selling. Sears Holding is down 9% after guiding Q1 to a substantial loss. Clorox is off 4% after tweaking FY earnings and margin guidance due to higher than anticipated costs. Vishay and Computer Sciences are losing substantial ground after disappointing earnings and lowered guidance respectively.
- The USD encountered some turbulence during the NY morning but stayed within recent ranges after key support held in the EUR/USD and GBP/USD held early in the session. Dealers noted that a combination of factors set the tone. First the 12-month Treasury yield declined to a record low in the US while the convergence process continued between the German 10-year Bunds and US-10-year note as they now yielded 3.25%. Lastly the persistent chatter of a hawkish US think tank report on the ECB monetary policy again surfaced ahead of the ECB rate decision later this week.

http://atlanticinternationalpartnershipnews.com/2011/05/atlantic-international-partnership-headlinesus-stock-market-economy-and-companies-update-may-03-2011/