US equities are mixed heading into the second half of the US session with the DJIA and S&P trading in negative territory and the NASDAQ outperforming, trading up around 0.1%. Apple (AAPL) has been the biggest contributor to the out-performance in the NASDAQ, adding over 6.5 points and up 1.84%. Apple has also again usurped ExxonMobil as the largest company in the S&P 500. There is nothing fundamental behind the move from Apple, just retracing some of the large losses seen last week, following the company’s earning release. Another large mover has been Biogen (BIIB), up 3% following their strong earnings release pre-market. Technology is the best performing sector in the US, boosted by Apple and ahead of some large tech stocks reporting after market.
In terms of data releases today, Durable Goods Orders posted a beat in expectations at 4.6% vs. Exp. 2.0%. This better than expected release saw small risk-on moves across the board although these were tempered by worse than expected Pending Home Sales.
Elsewhere, WTI crude futures saw significant gains heading into the NYMEX pit open after reports of an attack on an oil pipeline in Algeria fuelled talk of further uncertainty in northern Africa. Furthermore, OPEC chief El-Badri said the oil market was to remain well supplied in 2013.
Looking ahead, the calendar remains light on data releases and speakers although Yahoo and Seagate are due to report earnings after-market.
Print 18:41, 28 Jan 2013 - Market Analysis - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: