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Market futures are down ahead of the bell Tuesday, following a major speech by British Prime Minister Theresa May and before Q4 earnings season begins to hit the tape in a big way. The S&P 500 is down 8.5 points at this hour, the Dow (still finding that 20K plateau too rich, apparently) down 45 points and the Nasdaq down 20 points.
May’s speech was the firmest yet post-Brexit vote: for the first time it’s been articulated that Great Britain will exit the single market of the EU. Her administration is scheduled to trigger Article 50 — that which will formalize the Brexit — sometime in late March. She also spoke on restricting immigration into Britain, a clear divergence of policy with the Eurozone overall, especially with regard to Syrian refugees fleeing their war-torn country.
This speech promoted the rise in value of the British pound; what had been valued lower than $1.20 — something unthinkable less than a year ago — shot up past $1.23. The longer May spoke, the stronger the pound got, in fact. We shall see if this continues as activities toward enacting the Brexit initiative, and whether there is a direct correlation to this and our lagging futures in our domestic markets.
Morgan Stanley (MS - Free Report) has picked up the Q4 earnings strength we saw last week from JPMorgan (JPM - Free Report) . The investment bank easily beat estimates on both top and bottom lines: 81 cents per share on $9.02 billion in revenues topped the 65 cents per share and $8.49 billion expected, respectively. This Zacks Rank #1 (Strong Buy) stock has risen 9 cents per share (0.21%) in pre-market trading.
What were the keys to Morgan Stanley’s success in the quarter? The company reported that Fixed Income continued its strong activity from Q3. Investment Banking slightly beat expectations, while Wealth Management was in-line. The company also announced it managed to take share from its rivals, and carries a positive outlook for full-year 2017, notably with expected changes in tax policy and interest rates.
We expect further quarterly results today from companies like United Air Lines (UAL - Free Report) and UnitedHealth (UNH - Free Report) , as well as other financial service firms like Comerica (CMA - Free Report) and transportation giant CSX (CSX - Free Report) . Stay tuned throughout the day for stories on stocks that might affect your portfolio.
Image: Bigstock
Brexit a "Go:" So Is Q4 Earnings Season
Tuesday, January 17, 2017
Market futures are down ahead of the bell Tuesday, following a major speech by British Prime Minister Theresa May and before Q4 earnings season begins to hit the tape in a big way. The S&P 500 is down 8.5 points at this hour, the Dow (still finding that 20K plateau too rich, apparently) down 45 points and the Nasdaq down 20 points.
May’s speech was the firmest yet post-Brexit vote: for the first time it’s been articulated that Great Britain will exit the single market of the EU. Her administration is scheduled to trigger Article 50 — that which will formalize the Brexit — sometime in late March. She also spoke on restricting immigration into Britain, a clear divergence of policy with the Eurozone overall, especially with regard to Syrian refugees fleeing their war-torn country.
This speech promoted the rise in value of the British pound; what had been valued lower than $1.20 — something unthinkable less than a year ago — shot up past $1.23. The longer May spoke, the stronger the pound got, in fact. We shall see if this continues as activities toward enacting the Brexit initiative, and whether there is a direct correlation to this and our lagging futures in our domestic markets.
Morgan Stanley (MS - Free Report) has picked up the Q4 earnings strength we saw last week from JPMorgan (JPM - Free Report) . The investment bank easily beat estimates on both top and bottom lines: 81 cents per share on $9.02 billion in revenues topped the 65 cents per share and $8.49 billion expected, respectively. This Zacks Rank #1 (Strong Buy) stock has risen 9 cents per share (0.21%) in pre-market trading.
What were the keys to Morgan Stanley’s success in the quarter? The company reported that Fixed Income continued its strong activity from Q3. Investment Banking slightly beat expectations, while Wealth Management was in-line. The company also announced it managed to take share from its rivals, and carries a positive outlook for full-year 2017, notably with expected changes in tax policy and interest rates.
We expect further quarterly results today from companies like United Air Lines (UAL - Free Report) and UnitedHealth (UNH - Free Report) , as well as other financial service firms like Comerica (CMA - Free Report) and transportation giant CSX (CSX - Free Report) . Stay tuned throughout the day for stories on stocks that might affect your portfolio.
Mark Vickery
Senior Editor
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