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4:20 pm

The major averages ended on their lows after early gains turned into afternoon losses. The late decline occurred in reaction to the October FOMC minutes, which mentioned the possibility of tapering in the 'coming months.' It should be noted that despite today's 0.4% decline, the S&P 500 (SPX) (SPX) remains higher by 7.5% since October 9.

Stocks held modest gains through the bulk of the session after a better-than-expected October retail sales report set the stage for an upbeat open. The report pointed to an increase of 0.4% while the Qwoter.com consensus expected a more modest uptick of 0.1%. More importantly, the report indicated the government shutdown had essentially no effect on consumer spending.

The above-consensus data helped retailers outperform the broader market as the SPDR S&P Retail ETF (XRT 86.87, +0.03) ended flat. Among individual names of note, J.C. Penney (JCP 9.44, +0.73) surged 8.4% after its upbeat-sounding guidance overshadowed its bottom-line miss.

As the opening hour drew to its close, stocks spiked amid reports the European Central Bank will weigh implementing negative deposit rates if more easing is needed. The euro weakened on the news, falling below 1.3500 against the dollar. It is worth mentioning that negative rates have been discussed in recent weeks. In fact, just yesterday, ECB Executive Board member Joerg Asmussen said the central bank could implement negative deposit rates if the 2.0% inflation target remains elusive. However, Mr. Asmussen added he would be 'very, very careful' with regards to deploying the policy tool.

Equity indices then returned to their earlier levels after St. Louis Fed President James Bullard said that a strong November jobs report would increase the chances of tapering in December.

Taper talk resurfaced this afternoon when the minutes from the October FOMC meeting indicated tapering is 'likely in the coming months.' The rest of the statement struck a familiar tone as the FOMC said the economy is expanding at a moderate pace while some downside risks remain.

The market's reaction was consistent with what transpired after previous mentions of tapering by the Fed. Equities, Treasuries (10-yr yield +8 bps to 2.79%), and gold futures (-2.3% to $1245.50/ozt) sold off while the Dollar Index (+0.4% to 81.02) rallied.

Even though the market received tapering hints from Mr. Bullard and the October minutes, it should be noted the labor situation represents just one half of the picture. The Federal Reserve has also committed to maintaining annual inflation close to 2.0%, but has struggled in achieving this target. Today's CPI report spoke to that point as October prices slipped 0.1% while the Qwoter.com consensus expected no change. Core prices increased 0.1%, below the 0.2% expected by the Qwoter.com consensus. On an annualized basis, CPI came in at 1.0% while core CPI was reported at 1.7%.

When the dust settled, the health care sector (+0.3%) was the only group left in positive territory while the other sectors ended with losses between 0.3% and 1.2%. Rate-sensitive utilities (-1.1%) and telecom services (-0.8%) ended at the bottom of the leaderboard as elevated rates weighed.

Participation was on the light side as only 622 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at today's remaining economic data, business inventories rose 0.6% in September after increasing 0.4% in August. The Qwoter.com consensus expected inventory levels to increase 0.4%.

Separately, existing home sales fell 3.2% to 5.12 million in October from an unrevised 5.29 million in September. The Qwoter.com consensus expected home sales to fall to 5.20 million. Surprisingly, the National Association of Realtors did not blame the government shutdown for the drop in sales. The shutdown left many banks unable to verify income through the IRS before closing. That was one of the main reasons why mortgage purchase applications fell during the month. We expected the delays in the mortgage approval process to push a number of home purchases that would have occurred in October into November.

Tomorrow, weekly initial claims and October PPI will be reported at 8:30 ET while the November Philadelphia Fed survey will be released at 10:00 ET.
Nasdaq +29.9% YTDRussell 2000 +29.5% YTDS&P 500 +24.9% YTDDJIA +21.3% YTDDJ30 -66.21 NASDAQ -10.28 SP500 -6.50 NASDAQ Adv/Vol/Dec 1170/1.67 bln/1372 NYSE Adv/Vol/Dec 1006/622.4 mln/2012

3:35 pm

Commodities continued to remain pressured given the strength in the dollar index.

The dollar index spiked this morning after headlines said ECB to weigh -0.1% deposit rate if more easing is needed. Also, St. Louis Fed President came out suggested that a strong November jobs report would increase the likelihood the Fed would begin tapering its bond-buying program, which influenced the dollar index. And then, Fed minutes were released, which caused the dollar index to spike to a new session high.

All of this weighed on the commodity complex, but mostly on the metals. Natural gas futures were strong all session and rose as high as $3.68. At the end of floor trading, Dec nat gas closed $0.12 higher at $3.67/MMBtu.

Jan crude oil ended the day $0.07 lower at $93.86/barrel after a mixed session.

Metals were the worst performers today, led by precious metals. Each fell over 2% today and are near session lows in electronic trade. Dec gold ended $15.40 lower at $1257.80/oz, while Dec silver lost $0.25 at $20.05/oz.


DJ30 -83.52 NASDAQ -15.69 SP500 -8.70 NASDAQ Adv/Vol/Dec 1053/1442.4 mln/1472 NYSE Adv/Vol/Dec 844/439 mln/2156

3:00 pm

The major averages remain near their lows as nine of ten sectors hover in the red. Meanwhile, the health care sector (+0.2%) continues to hold a modest gain.

Although nine groups trade lower, only the utilities sector (-1.0%) displays a loss of 1.0% or more. The second-weakest group, telecom services, trades down 0.8% while the remaining groups sport losses between 0.1% and 0.5%.

Notably, the underperformance of utilities and telecom services is largely due the elevated rates as the benchmark 10-yr yield trades higher by eight basis points at 2.79%. Homebuilders have also been pressured, surrendering their early gains as the iShares Dow Jones US Home Construction ETF (ITB 22.47, -0.09) trades lower by 0.4%.

DJ30 -62.00 NASDAQ -7.48 SP500 -5.94 NASDAQ Adv/Vol/Dec 1202/1.26 bln/1327 NYSE Adv/Vol/Dec 1129/378.5 mln/1853

2:35 pm

Equities have dipped to fresh lows as participants continue digesting the October FOMC Minutes, which brought up the issue of tapering once again. This mention followed earlier remarks from St. Louis Fed President James Bullard who said in a speech that a strong November jobs report would increase the chances of tapering in December.

As we mentioned in our midday update, the employment target represents just one half of the Fed's mandate while the central bank has also committed to maintaining annual inflation close to 2.0%. However, the fact inflation has been running below that target suggests the Fed is unlikely to make imminent changes as that could put more distance between actual inflation and the 2.0% target.

Treasuries held in immediately following the release, but have since slipped to fresh lows. The 10-yr yield is higher by six basis points at 2.77%.

DJ30 -36.93 NASDAQ -0.24 SP500 -2.79 NASDAQ Adv/Vol/Dec 1323/1.15 bln/1196 NYSE Adv/Vol/Dec 1392/347.2 mln/1580

2:10 pm

The major averages slipped from their recent levels in reaction to the minutes from the October FOMC meeting. The minutes indicated that a form of tapering is 'likely in the coming months,' but the remainder of the statement struck a familiar tone.

Similar to its past statements, the FOMC said the economy is expanding at a moderate pace while downside risks remain. In addition, the Committee once again reiterated that risk to the labor market have diminished in the past year.

Treasuries barely budged in reaction to the release and the 10-yr yield continues to hover near its high at 2.75%.

DJ30 -24.02 NASDAQ +3.13 SP500 -1.62 NASDAQ Adv/Vol/Dec 1394/1.05 bln/1107 NYSE Adv/Vol/Dec 1510/314.5 mln/1438

1:30 pm

The stock market has had a good bit to chew on today between earnings results, economic data, and headlines pertaining to potential central bank action (or inaction). Fittingly, the major averages have been confined to relatively narrow trading ranges trying to sort things out while also balancing thoughts it is due for a pullback regardless of any other developments after having risen nearly 9.0% in the last three months.

Things have the potential to get a little more exciting at the top of the hour when the minutes from the October FOMC meeting are released. Participants will be examining the minutes to determine if there was any stronger leaning toward the idea that a tapering of the Fed's asset purchase program should begin sooner rather than later.

From our vantage point, the October CPI report this morning didn't support the case for tapering. Total CPI is up 1.0% over the last 12 months, which is the smallest increase since October 2009 and well below the Fed's 2.0% inflation target. Moreover, it was down from 1.2% year-over-year in September, highlighting the trend of disinflation that has been evident most of the year.
DJ30 +13.39 NASDAQ +9.75 SP500 +2.11 NASDAQ Adv/Vol/Dec 1470/938 mln/997 NYSE Adv/Vol/Dec 1686/278 mln/125

12:55 pm

At midday, the Nasdaq (+0.3%) trades ahead of its peers while the Dow Jones Industrial Average (DJI) (DJI) (+0.1%) lags. Stocks have spent the entire first half of the session in positive territory after a better-than-expected October retail sales report contributed to an upbeat open.

The retail sales report pointed to an increase of 0.4% while the Qwoter.com consensus expected a more modest uptick of 0.1%. More importantly, the report indicated that the government shutdown had essentially no effect on consumer spending.

The above-consensus data has contributed to the relative strength of retailers as the SPDR S&P Retail ETF (XRT 87.24, +0.40) trades higher by 0.5%. On a related note, J.C. Penney (JCP 9.40, +0.69) has spiked 7.9% after its upbeat-sounding guidance overshadowed its bottom-line miss.

Equities saw a brief late-morning surge that was promptly retraced when two headlines with conflicting implications for risk assets crossed the wires.

First, stocks jumped to highs amid reports the European Central Bank will weigh negative deposit rates if more easing is needed. The euro weakened on the news, falling below 1.3500 against the dollar. It should be noted negative rates have been discussed in recent weeks. In fact, just yesterday, ECB Executive Board member Joerg Asmussen said the central bank could implement negative deposit rates if the 2.0% inflation target remains elusive. However, Mr. Asmussen added he would be 'very, very careful' with regards to deploying the policy tool.

The major averages then returned to their earlier levels after St. Louis Fed President James Bullard said that a strong November jobs report would increase the chances of tapering in December. However, that probability appears to be relatively small considering the data-dependent Fed has been falling short of its inflation target. Today's CPI report spoke to that point as October prices slipped 0.1% while the Qwoter.com consensus expected no change. Core prices increased 0.1%, below the 0.2% expected by the Qwoter.com consensus.

The S&P 500 continues to trade near the middle of its range while the Nasdaq has returned to its earlier high thanks to the outperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 212.72, +3.49) trades up 1.7%, which has also provided support to today's top-performing sector, health care (+0.6%).

Outside of health care, only technology (+0.3%) and financials (+0.3%) trade ahead of the broader market.

Treasuries hold modest losses with the 10-yr yield up three basis points at 2.74%.

Looking back at today's remaining economic data, business inventories rose 0.6% in September after increasing 0.4% in August. The Qwoter.com consensus expected inventory levels to increase 0.4%.

Separately, existing home sales fell 3.2% to 5.12 million in October from an unrevised 5.29 million in September. The Qwoter.com consensus expected home sales to fall to 5.20 million. Surprisingly, the National Association of Realtors did not blame the government shutdown for the drop in sales. The shutdown left many banks unable to verify income through the IRS before closing. That was one of the main reasons why mortgage purchase applications fell during the month. We expected the delays in the mortgage approval process to push a number of home purchases that would have occurred in October into November.

The Federal Reserve will release the minutes from the October FOMC meeting at 14:00 ET.

DJ30 +18.04 NASDAQ +11.31 SP500 +2.62 NASDAQ Adv/Vol/Dec 1478/846.3 mln/985 NYSE Adv/Vol/Dec 1750/255.3 mln/1173

12:30 pm

The S&P 500 continues inching in the direction of its first-hour high, but remains roughly three points below that level. The index has received support from its three largest sectors as financials (+0.4%), health care (+0.7%), and technology (+0.5%) trade ahead of the remaining groups.

The defensively-oriented health care sector has been boosted by some of its largest components and biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 213.11, +3.88) is higher by 1.8%, which has also contributed to the outperformance of the Nasdaq.

DJ30 +25.94 NASDAQ +17.32 SP500 +4.77 NASDAQ Adv/Vol/Dec 1511/775.2 mln/944 NYSE Adv/Vol/Dec 1837/236.2 mln/1082

12:00 pm

The major averages continue holding modest gains with the Nasdaq (+0.4%) providing leadership. Meanwhile, the price-weighted Dow Jones Industrial Average (+0.1%) lags. This marks a change from yesterday when the Dow outperformed while Nasdaq led the weakness.

Today, the Nasdaq is receiving support from large components like Microsoft (MSFT) (MSFT) (MSFT 37.37, +0.63), Google (GOOG) (GOOG) (GOOG 1029.05, +3.85), and Oracle (ORCL) (ORCL) (ORCL 34.97, +0.21), but momentum names trade mixed. Facebook (FB 47.00, +0.64) and Priceline.com (PCLN 1158.58, +40.16) hold respective gains of 1.4% and 3.6% while Micron (MU 18.71, -0.35) and Tesla (TSLA 121.64, -4.45) are lower by 1.8% and 3.6%, respectively.

Elsewhere, the Dow is struggling to keep pace with the tech-heavy index as Boeing (BA) (BA) (BA 133.79, -3.19) and Caterpillar (CAT) (CAT) (CAT 82.91, -0.76) weigh. However, the broader industrial sector hovers just above its flat line.

DJ30 +11.85 NASDAQ +13.89 SP500 +3.49 NASDAQ Adv/Vol/Dec 1461/699.3 mln/973 NYSE Adv/Vol/Dec 1743/215.8 mln/1156

11:35 am

The S&P 500 trades higher by 0.2% as eight of ten sectors hover in positive territory. Defensively-oriented health care (+0.6%) and telecom services (+0.4%) have climbed into the lead while technology (+0.4%) and consumer staples (+0.2%) follow not far behind.

On the downside, the materials sector (-0.3%) is the weakest performer as miners weigh. The Market Vectors Gold Miners ETF (GDX 23.37, -0.32) trades down 1.3% while gold futures hold a loss of 0.9% at $1262.00 per troy ounce. Meanwhile, the other commodity-related sector, energy (+0.2%), trades modestly higher with crude oil sporting a gain of 0.3% at $94.14 per barrel.

DJ30 +14.41 NASDAQ +14.42 SP500 +3.97 NASDAQ Adv/Vol/Dec 1467/623.2 mln/938 NYSE Adv/Vol/Dec 1779/196.8 mln/1080

11:00 am

The major averages continue to hold modest gains after being whipsawed by a pair of headlines that had conflicting implications for risk assets. First, stocks jumped to highs after reports out of Europe indicated the European Central Bank will weigh negative deposit rates if more easing is needed. The euro weakened on the news, falling below 1.3500 against the dollar.

It should be noted negative rates have been discussed in recent weeks and just yesterday ECB Executive Board member Joerg Asmussen said the central bank could implement negative deposit rates if the 2.0% inflation target remains elusive. However, Mr. Asmussen added he would be 'very, very careful' with regards to deploying the policy tool.

Equities then returned to their earlier levels after St. Louis Fed President James Bullard said that a strong November jobs report would increase the chances of tapering in December.

Treasuries have regained all of their morning losses, and the 10-yr yield now trades lower by two basis points at 2.70%.

DJ30 +9.95 NASDAQ +13.13 SP500 +3.85 NASDAQ Adv/Vol/Dec 1374/506.3 mln/992 NYSE Adv/Vol/Dec 1772/166.5 mln/1070

10:35 am

The dollar index just spiked, driven by the drop in the Euro, which came after headlines said ECB to weigh -0.1% deposit rate if more easing is needed. Dollar index just hit a new HoD.

Commodities are mostly mixed in current trade.

Crude oil futures sold off hard this morning with the Jan contract falling as low as $93.25/barrel. Crude oil was modestly off its LoD ahead of inventory data. Following the data, crude oil rallied higher following inventory data. Jan crude oil is now +0.1% at $93.99/barrel. Dec natural gas is now +2.4% at $3.64/MMBtu.

Metals are mixed this morning. Gold has been in the red, but precious metals have been inching higher in recent action. Dec gold futures are now trading -0.6% at $1265.50/oz, Dec silver is -0.1% at $20.32/oz, Dec copper is +0.3% at $3.17/lb.

DJ30 +12.46 NASDAQ +8.23 SP500 +3.71 NASDAQ Adv/Vol/Dec 1314/403.5 mln/1007 NYSE Adv/Vol/Dec 1834/138 mln/966

10:00 am

The S&P 500 futures trade higher by 0.1%.

October existing home sales hit an annualized rate of 5.12 million units, which was a bit weaker than the rate of 5.20 million units that had been generally expected by the Qwoter.com consensus. The pace for October was down from the prior month's unrevised rate of 5.29 million units.

Separately, September business inventories rose 0.6%, which was above the 0.4% increase expected by the Qwoter.com consensus. This follows the prior month's revised increase of 0.4%.

DJ30 +5.52 NASDAQ +4.27 SP500 +1.82 NASDAQ Adv/Vol/Dec 1147/229.5 mln/1091 NYSE Adv/Vol/Dec 1497/91.1 mln/1225

09:40 am

Equity indices registered opening gains with six of ten sectors contributing to the early advance. Growth-sensitive sectors have shown early strength with energy (+0.6%) and technology (+0.4%) providing leadership.

Meanwhile, countercyclical groups are mixed as health care (+0.2%) and telecom services (+0.1%) hold modest gains while consumers staples (-0.1%) and utilities (-0.2%) hover in the red.

Treasuries have erased all of their losses as the 10-yr yield returned to 2.72%.

September business inventories and October existing home sales will be reported at 10:00 ET.

DJ30 +1.72 NASDAQ +13.92 SP500 +2.54 NASDAQ Adv/Vol/Dec 1292/92.5 mln/819 NYSE Adv/Vol/Dec 1611/56.8 mln/1026

09:13 am

[BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +10.20. Equities are poised to begin today's session on an upbeat note as index futures hover near their pre-market highs. The S&P 500 futures trade higher by 0.2% with the bulk of the gain coming after the October retail sales report surpassed expectations, showing little impact from the government shutdown. Retail sales increased 0.4% while the Qwoter.com consensus called for an uptick of 0.1%.

Separately, October consumer prices slipped 0.1% as a 1.7% decrease in energy prices contributed to the negative print. Moreover, the report suggests inflation trends are not getting in the way of the Federal Reserve's policy course, which is aimed at reducing unemployment and keeping inflation below 2.0% per year. Following today's reading, year-over-year CPI stands at 1.0% while core CPI has increased 1.7% year-over-year.

Participants will receive more data today with the September business inventories and October existing home sales both set to be released at 10:00 ET. In addition, the Federal Reserve will release the minutes from its October FOMC meeting at 14:00 ET.

Treasuries have retreated in reaction to the strong retail sales report. The benchmark 10-yr yield is higher by two basis points at 2.73%.

08:56 am

[BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +9.20. The S&P 500 futures trade higher by 0.2%.

Markets across Asia ended mostly lower with only China's Shanghai Composite (+0.6%) and Hong Kong's Hang Seng (+0.2%) seeing gains as investors continued to gobble up shares following the third plenum. Those markets were able to shake off the concerns of a State official suggesting a couple of small banks would fail next year. Little stress could be seen in SHIBOR as the 2w rate shed 10.2 basis points to 5.430%, and only the one-month rate saw a notable advance (+5.8bps to 6.179%). Shifting focus to Japan, the Nikkei (-0.3%) fell after the latest trade data showed a larger than anticipated deficit of JPY1.07 trillion on an adjusted basis (JPY0.88 trillion expected), which came thanks to a 68.0% increase in energy imports. Data from the rest of the region was limited to the larger than expected Taiwanese current account surplus ($14.9 billion actual versus 14.7 billion expected, $13.8 billion previous).
In Japan, the Nikkei closed shed 0.3% as trade remained near six-month highs. Industrials were the worst performers as Amada and JTEKT lost 3.3% and 2.3%, respectively. Hong Kong's Hang Seng added 0.2% as trade holds near two and a half-year highs. Gains were widespread as Hong Kong Exchanged rallied 3.0% and Ping An Insurance tacked on 2.2%. In China, the Shanghai Composite settled higher by 0.6% as defense stocks remained strong. Beijing Aerospace Changfeng and Xi'An Aero-Engine both surged the daily limit, 10%. Major European indices hover near their lows with markets in Spain (-1.0%) and Italy (-0.5%) pacing the decline. Among news of note, German Chancellor Angela Merkel indicated her party expects to finish coalition talks near the middle of next week. Economic data was limited to just a handful of reports. Germany's PPI slipped 0.2% month-over-month (0.1% expected, 0.3% prior) while the year-over-year reading fell 0.7% (-0.6% expected, -0.5% last). Spain's trade deficit widened to EUR2.59 billion from EUR1.80 billion (-EUR2.50 billion expected). Swiss ZEW Expectations improved to 31.6 from 24.9 (30.0 forecast).
Germany's DAX is lower by 0.1% as growth-sensitive names like K+S and ThyssenKrupp lead the weakness with each losing 1.8%. In Great Britain, the FTSE sports a loss of 0.3% as defensive names lag. Food retailers J Sainsbury and Tate & Lyle are lower by 2.5% and 1.7%, respectively. On the upside, Aberdeen Asset Management trades higher by 1.8%. France's CAC trades down 0.4% with producers of basic materials pressuring the index. Solvay and Vallourec are both down near 2.3%. Italy's MIB (-0.5%) and Spain's IBEX (-1.0%) are being pressured by broad-based weakness. In Italy, Banco Popolare and Mediobanca trade lower by 2.4% and 1.8%, respectively. Meanwhile, industrial names lead Spanish equities lower as Fomento de Construcciones y Contractas holds a loss of 4.1% and Sacyr trades down 6.5%.

08:33 am

[BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +7.70. The S&P 500 futures trade higher by 0.1%.

October retail sales ticked up 0.4% while the Qwoter.com consensus expected an uptick of 0.1%. The prior month's reading was revised to reflect no change (from -0.1%). Excluding autos, retail sales increased 0.2% against the expectations of a 0.1% rise. Last month's reading was revised down to indicate growth of 0.3% (from +0.4%).

Separately, October consumer prices slipped 0.1% while the Qwoter.com consensus expected no change. Core prices increased 0.1%, below the 0.2% expected by the Qwoter.com consensus.

08:00 am

[BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +0.20. The S&P 500 futures trade one point below fair value amid cautious overseas action.

Reviewing overnight developments:
Asian markets ended on a mixed note. Hong Kong's Hang Seng +0.2%, China's Shanghai Composite +0.6%, and Japan's Nikkei -0.3%. In regional economic data: Japan's trade deficit widened to JPY1.09 trillion from JPY932 billion (JPY814 billion expected) as exports grew 18.6% year-over-year (16.5% forecast, 11.5% prior) and imports increased 26.1% year-over-year (19.0% consensus, 16.5% last). Meanwhile, the adjusted trade balance narrowed to JPY1.07 trillion from JPY1.13 trillion (JPY0.88 trillion forecast). Also of note, the All Industries Activity Index ticked up 0.4% month-over-month (0.5% prior, 0.3% last). Australia's MI Leading Index came in at 0.1% (-0.1% last). New Zealand's input PPI rose 2.2% quarter-over-quarter (0.5% forecast, 0.6% last) while output PPI increased 2.4% quarter-over-quarter (1.0% expected, 1.0% prior). Looking at news: Japan's trade deficit was among the worst on record as larger-than-expected energy imports outweighed the benefit of increased exports.Major European indices hover near their lows. Germany's DAX -0.2%, Great Britain's FTSE -0.4%, and France's CAC -0.4%. Elsewhere, Italy's MIB -0.6% and Spain's IBEX -1.1%.Economic data was limited: Germany's PPI slipped 0.2% month-over-month (0.1% expected, 0.3% prior) while the year-over-year reading fell 0.7% (-0.6% expected, -0.5% last). Spain's trade deficit widened to EUR2.59 billion from EUR1.80 billion (-EUR2.50 billion expected). Swiss ZEW Expectations improved to 31.6 from 24.9 (30.0 forecast). In news: German Chancellor Angela Merkel said her party hopes to finish coalition talks in the middle of next weeks. In U.S. corporate news:
Deere (DE 86.00, +3.19): +3.9% after beating on earnings and guiding first-quarter sales above consensus. J.C. Penney (JCP 9.12, +0.41): +4.7% after the company missed on earnings and forecast an improvement in fourth-quarter gross margins and comparable store sales. Lowe's (LOW 48.81, -1.63): -3.2% following its earnings miss and mixed guidance. Staples (SPLS 15.42, +0.08): +0.5% after reporting in-line earnings on below-consensus revenue. The weekly MBA Mortgage Index fell 2.3% to follow last week's decline of 1.8%.

October retail sales and CPI will be reported at 8:30 ET while September business inventories and October existing home sales will be released at 10:00 ET. The day will be topped off with the 14:00 ET release of the FOMC Minutes from the October meeting.

06:14 am

[BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -5.50.

06:14 am

Nikkei...15076.08...-50.50...-0.30%. Hang Seng...23700.86...+43.10...+0.20%.

06:14 am

FTSE...6664.78...-33.20...-0.50%. DAX...9169.99...-23.30...-0.20%.