U.S. equity index futures are lower this morning despite encouraging fourth-quarter earnings news released overnight. S&P 500 futures slipped 4 points in pre-opening trade.
The S&P/Case Shiller Home Price Index for November showed slight deterioration on a month to month basis but an improvement on a year over year basis. Prices on a month to month basis for the 20 largest U.S. cities slipped 0.2%. Five of the 20 cities recorded a gain. On a year over year basis home prices were down only 5.3%.
The U.S. Dollar is slightly stronger this morning. Commodities priced in U.S. dollars including gold, silver, copper and crude oil are trading lower.
Most fourth-quarter earnings reports released overnight exceeded consensus estimates. Companies reporting better than expected earnings included Apple, Amgen, Dupont, Corning, Texas Instruments, Zions Bancorporation, Nucor and Johnson & Johnson.
Celestica added 1% after Credit Suisse raised its rating from Neutral to Outperform. Target was raised from $9.50 to $11.50 U.S.
The two-day Federal Open Market Committee meeting to determine U.S. administered interest rates starts today. Results of the meeting are expected to be released Wednesday at 2:15 p.m. EST. No change in the Fed Fund rate is anticipated.
Read more: http://network.nationalpost.com/np/blogs/tradingdesk/archive/2010/01/26/u-s-home-prices-earnings-upgrade-vialoux.aspx#ixzz0djNrASRQ
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