Live Index – Fri, 23 May 2014 Premarket

June E-mini S&Ps (ESM14 +0.09%) this morning are up +0.05% and European stocks are up +0.04%. Gains were limited after a gauge of German business confidence fell more than expected to a 5-month low and as violence escalated in Ukraine ahead of Sunday’s presidential election. Asian stocks closed higher: Japan +0.87%, Hong Kong +0.05%, China +0.80%, Taiwan +0.43%, Australia +0.23%, Singapore +0.38%, South Korea +0.03%, India +1.31%. Japan’s Nikkei Stock Index climbed to a 4-week high as exporters rallied on improved earnings prospects after the yen fell to a 1-week low against the dollar. Chinese stocks finished higher, led by a rally in property developers, after the China Securities Journal reported that the government will remove home-purchase restrictions depending on market situations, citing an unidentified researcher with the housing ministry. Commodity prices are mixed. July crude oil (CLN14 +0.21%) is up +0.13%. July gasoline (RBN14 unch) is down -0.01%. Jun gold (GCM14 -0.21%) is down -0.21%. July copper (HGN14 +0.86%) is up +0.88%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.17%) is up +0.20% at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.27% at a 3-1/4 month low after the German May IFO business confidence fell to a 5-month low. USD/JPY (^USDJPY) is up +0.19% at a 1-week high. June T-note prices (ZNM14 +0.07%) are up +2 ticks.

The German May IFO business climate fell -0.8 to 110.4, a bigger decline that expectations of -0.3 to 110.9 and the lowest in 5 months. The May IFO current assessment unexpectedly fell -0.5 to 114.8, weaker than expectations of +0.1 to 115.4. The May IFO expectations dropped -1.1 to 106.2, a bigger decline than expectations of -0.8 to 106.5 and the lowest in 7 months.

German Q1 GDP was left unrevised at +0.8% q/q and +2.5% y/y (nsa), right on expectations. Q1 private consumption was revised higher to +0.7% q/q from +0.6% q/q and Q1 government spending was revised higher to +0.4% q/q from +0.3% q/q. Q1 exports were revised lower to +0.2% q/q from +0.6% q/q, while Q1 imports were revised upward to +2.2% q/q from +1.0% q/q.

Today’s April new home sales report is expected to show an increase of +10.7% to 425,000, reversing much of the -14.5% plunge to 384,000 seen in March. There is only 1 of the Russell 1000 companies that report earnings today: Foot Locker (consensus $ 1.06). Equity conferences today include: Bloomberg Industries & CME Group Precious Metals Forum on Fri.

L Brands (LB +1.49%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel.

Foot Locker (FL +1.28%) reported Q1 adjusted EPS $ 1.11, higher than consensus of $ 1.06.

Brocade (BRCD +0.46%) reported Q2 EPS of 19 cents, right on consensus, but reported Q2 revenue of $ 537 million, higher than consensus of $ 531.5 million.

Nordson (NDSN -0.09%) reported Q2 EPS of 96 cents, better than consensus of 89 cents.

Gabelli reported a 5.06% stake in Blyth (BTH -0.91%) .

Marvell (MRVL +0.97%) reported Q1 adjusted EPS of 27 cents, higher than consensus of 22 cents.

The Fresh Market (TFM -2.35%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 43 cents, right on consensus, but reported Q1 revenue of $ 431 million, better than consensus of $ 419.85 million.

GameStop (GME -0.16%) reported Q1 EPS of 59 cents, higher than consensus of 57 cents.

Ross Stores (ROST +0.03%) reported Q1 EPS of $ 1.15, right on consensus, although Q1 revenue of $ 2.68 billion was a bit below consensus of $ 2.69 billion. The company then said it sees fiscal 2014 EPS of $ 4.09-$ 4.21, on the lower end of consensus of $ 4.21.

Aeropostale (ARO +1.80%) slumped over 10% in after-hours trading after it reported a Q1 adjusted EPS loss of -52 cents, a smaller loss than consensus of -72 cents, but then said it sees a Q2 loss of -55 cents to -61 cents, a larger loss than consensus of -50 cents.

Gap (GPS +0.74%) reported Q1 EPS of 58 cents, better than consensus of 57 cents.

June E-mini S&Ps (ESM14 +0.09%) this morning are up +1.00 point (+0.05%). The S&P 500 index on Thursday rallied to a 1-week high and closed higher. Bullish factors for stocks included (1) the +1.6 increase in the China May HSBC manufacturing PMI to a 5-month high of 49.7, better than expectations of +0.2 to 48.3, which eased Chinese economic concerns a bit, and (2) strength in U.S. homebuilder stocks after the +1.3% increase in U.S. Apr existing home sales to 4.65 million, the first increase in 4 months. A negative for stocks was the +28,000 increase in U.S. weekly jobless claims to 326,000 vs expectations of +3,000 to 310,000. Closes: S&P 500 +0.24%, Dow Jones +0.06%, Nasdaq +0.42%.

Jun 10-year T-notes (ZNM14 +0.07%) this morning are up +2 ticks. Jun 10-year T-note futures prices on Thursday closed lower after a rally in the S&P 500 to a 1-week high reduced safe-haven demand for Treasuries: TYM4 -6.00, FVM4 -4.25. Losses in T-notes were limited after U.S. weekly unemployment claims rose more than expected and after U.S. Apr existing home sales increased less than forecast.

The dollar index (DXY00 +0.17%) this morning is up +0.161 (+0.20%) at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.0037 (-0.27%) at a 3-1/4 month low. USD/JPY (^USDJPY) is up +0.19 (+0.19%) at a 1-week high. The dollar index on Thursday closed higher: Dollar index +0.159 (+0.20%), EUR/USD -0.00309 (-0.23%), USD/JPY +0.367 (+0.36%). EUR/USD retreated after the German May Markit/BME manufacturing PMI fell -1.2 to a 6-month low of 52.9, weaker than expectations of -0.1 to 54.0. The dollar index was undercut by a large increase in U.S. initial unemployment claims and by reduced safe-haven demand for the dollar as the S&P 500 rallied to a 1-week high.

July WTI crude oil (CLN14 +0.21%) this morning is up +13 cents (+0.13%). July gasoline (RBN14 unch) is down -0.0003 (-0.01%). July crude and gasoline prices on Thursday settled mixed with July gasoline at a 3-week high: CLN4 -0.33 (-0.32%) RBN4 +0.0091 (+0.31%). Crude prices fell back after U.S. weekly unemployment claims rose more than forecast, while gasoline prices climbed to a 3-week high on speculation of increased gasoline demand as drivers take to the road for the Memorial Day holiday weekend.