Live Index – Wed, 27 Apr 2016 Premarket

Jun E-mini S&Ps (ESM16 -0.30%) are down -0.29% as technology stocks fall, led by a 7% decline in Apple in pre-market trading, after it posted its first quarterly-revenue decline in more than 10 years. Losses were contained after energy producers rose as crude oil (CLM16 +1.73%) is up +2.04% at a 5-3/4 month high. European stocks are down -0.10%, although losses were limited by rallies in Barclays Plc and Total SA after both companies gained on better-than-expected quarterly earnings results. Also, Adidas AG jumped 7% to a record after the company raised its annual profit forecast. In addition, a gauge of German consumer confidence unexpectedly increased as the May GfK consumer confidence rose to an 8-month high. Asian stocks settled mostly lower: Japan -0.36%, Hong Kong -0.21%, China -0.37%, Taiwan -0.22%, Australia -0.63%, Singapore -0.69%, South Korea -0.09%, India +0.22%. Asian markets declined as most technology companies that supply Apple fell.

The dollar index (DXY00 -0.16%) is down -0.21%. EUR/USD (^EURUSD) is up +0.12%. USD/JPY (^USDJPY) is down -0.07%.

Jun T-note prices (ZNM16 +0.17%) are up +7 ticks as stocks fall and on short covering ahead of the outcome of today’s FOMC meeting.

German May GfK consumer confidence unexpectedly rose +0.3 to 9.7, stronger than expectations of no change at 9.4 and the highest in 8 months.

UK Q1 GDP of +0.4% q/q and +2.1% y/y was close to expectations of +0.4% q/q and+2.0% y/y.

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +1.3% with purchase sub-index -0.5% and refi sub-index +2.6%), (2) Mar pending home sales (expected +0.5% m/m and +0.8% y/y, Feb +3.5% m/m and +5.1% y/y), and (3) FOMC announces its policy decision at the conclusion of its 2-day meeting.

There are 42 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $ 0.63), PayPal (0.35), Boeing (1.84), General Dynamics (2.16), Nasdaq (0.89), First Solar (0.90), TI (0.62), Southern Co (0.53),

U.S. IPO’s scheduled to price today: none.

Equity conferences this week include: Nomura Retail and Restaurants Conference on Wed.

Apple (AAPL -0.69%) dropped more than 7% in pre-market trading after it forecast Q3 revenue of $ 41 billion-$ 43 billion, weaker than consensus of $ 47.35 billion and below the lowest estimate of $ 43.95 billion.

Capital One Financial (COF +1.29%) dropped nearly 2% in after-hours trading after it reported Q1 adjusted EPS continuing operations of $ 1.85, weaker than consensus of $ 1.92.

Twitter (TWTR +3.86%) slid 14% in pre-market trading after it said it sees Q2 revenue of $ 590 million-$ 610 million, well below consensus of $ 677.1 million.

Panera Bread (PNRA -1.50%) climbed 2% in after-hours trading after it reported Q1 adjusted EPS of $ 1.56, better than consensus of $ 1.50,

Total System Services (TSS +0.82%) gained over 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $ 2.78-$ 2.85 from a January 26 estimate of $ 2.56-$ 2.62.

Cree (CREE +1.65%) climbed 2% in after-hours trading after it reported Q3 adjusted EPS of 17 cents, higher than consensus of 14 cents.

Buffalo Wild Wings (BWLD +0.13%) slumped over 10% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $ 5.65-$ 5.85 from a February 3 estimate of $ 5.95-$ 6.20, below consensus of $ 6.10.

Hub Group (HUBG +2.93%) rallied 5% in after-hours trading after it reported Q1 adjusted EPS of 58 cents, well above consensus of 40 cents.

ViaSat (VSAT +1.30%) gained over 1% in after-hours trading after it was announced that it will replace Acuity Brands in the S&P MidCap 400 after the close of trading on Monday, May 2.

AT&T (T -0.31%) slid over 1% in after-hours trading after it reported Q1 adjusted EPS of 72 cents, better than consensus of 69 cents, but said it added a total 129,000 monthly subscribers, fewer than consensus of 283,000.

Acuity Brands (AYI +1.42%) rose over 1% in after-hours trading after it was announced that Acuity will replace ADT Corp. in the S&P 500 after the close of trading on Monday, May 2.

H&R Block (HRB -0.92%) tumbled over 6% in after-hours trading after it said it sees fiscal 3016 revenue falling year-on-year after total U.S. assisted tax returns prepared through April 19 fell 5.8%

Collegium Pharmaceuticals (COLL -2.18%) rallied over 12% in after-hours trading after it received FDA approval for its Xtampza ER drug extended-release capsules.

Barracuda Networks (CUDA -2.14%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 15 cents, well above consensus of 9 cents.

Wabash National (WNC +4.98%) jumped nearly 13% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $ 1.65-$ 1.75 from a February 3 estimate of $ 1.50-$ 1.60, higher than consensus of $ 1.52.

June E-mini S&Ps (ESM16 -0.30%) this morning are down -6.00 points (-0.29%). Tuesday’s closes: S&P 500 +0.19%, Dow Jones +0.07%, Nasdaq -0.47%. The S&P 500 on Tuesday closed higher on strength in energy producers as crude oil rallied and on mostly upbeat company Q1 quarterly earnings results thus far. Stocks were undercut by stagnant capital spending after the U.S. Mar capital goods orders nondefense ex-aircraft report was unchanged. Stocks were also undercut by the -1.9 point decline in the Conference Board’s U.S. Apr consumer confidence index, which was weaker than expectations of -0.4 to 95.8.

June 10-year T-note prices (ZNM16 +0.17%) this morning are up +7 ticks. Tuesday’s closes: TYM6 -6.50, FVM6 -4.00. Jun T-notes on Tuesday dropped to a 4-week low and closed lower on supply pressures as the Treasury auctions $ 103 billion of T-notes this week, on negative carryover from a fall in German bund prices to a 5-week low, and on increased inflation expectations after the 10-year T-note breakeven inflation rate rose to an 8-1/2 month high.

The dollar index (DXY00 -0.16%) this morning is down -0.199 (-0.21%). EUR/USD (^EURUSD) is up +0.0014 (+0.12%). USD/JPY (^USDJPY) is down -0.08 (-0.07%). Tuesday’s closes: Dollar Index -0.269 (-0.28%), EUR/USD +0.0029 (+0.26%), USD/JPY +0.11 (+0.10%). The dollar index on Tuesday closed lower on the weaker-than-expected U.S. Mar durable goods orders and Apr consumer confidence reports and on the outlook for the Fed to stand pat on interest rates at the conclusion of the 2-day FOMC meeting on Wednesday.

June WTI crude oil (CLM16 +1.73%) this morning is up +90 cents (+2.04%) at a 5-3/4 month high. June gasoline (RBM16 +0.85%) is up +0.0190 (+1.20%). Tuesday’s closes: CLM6 +1.40 (+3.28%), RBM6 +0.0628 (+4.10%). Jun crude and gasoline on Tuesday closed higher with Jun gasoline at a 4-1/2 month high. Crude oil prices were boosted by a weaker dollar, strong refinery demand for gasoline after the crack spread rose to a 3-1/2 week high, and expectations that Wednesday’s weekly EIA data will show that U.S. crude production continues to decline.