Stocks open mixed this morning as the market anticipates
Q1 earnings which will kick off with Alcoa later this afternoon. Stocks closed sharply down yesterday,
suffering their worst drop in a month as the market had a chance to digest the
disappointing jobs data from Friday.
European stocks retreated this morning, down 1.3% as their markets
opened for the first time in 4 days, catching up to the US jobs news. Asian stocks also fell 1.2% on disappointing
jobs data and reports out of China.
China reported imports grew less than expected in March highlighting a
continued concern of an internal slowdown.
Demand seen to be weakening. In March,
China showed a trade surplus of $5.35 billion.
Estimates were for a trade deficit of $3.5 billion. In US company news, Facebook dominated
headlines once again as the social network company announced their purchase of
the successful photo-sharing application company, Instagram, for a reported $1
billion. Oil prices were flat this
morning to open at 102.49. Gold was up slightly
at 1645.70. The US dollar was mostly up
across the board. 30 yr. mortgage rates
were down to 3.92% and the 10 yr. treasury yield was down slightly to
2.02%. The VIX was relatively quiet, up slightly
to 18.87.
