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Wednesday, September 22, 2010

Market Update: September 22, 2010

"U.S. stock futures are trading lower Wednesday as traders turned to buying Treasurys and gold after the Federal Reserve issued a statement with no immediate plans to stimulate the economy. However, the Fed said Tuesday afternoon that it was ready to step in and support growth if needed. Economic reports due out include the FHFA house-price index. In corporate news, Novartis (NYSE:NVS) said that the FDA approved its multiple-sclerosis drug Gilenya. General Mills (NYSE:GIS) reported fiscal Q1 EPS of $0.64, ex-items, topping consensus estimates by a penny. Revenues in the quarter rose 1.5% to $3.53 billion, but came in short of consensus estimates of $3.57 billion. The Dow Jones Industrial Average (DJI) futures are trading 12.00 points below fair value, the S&P500 (INX) futures are trading 1.10 below fair value and the Nasdaq Composite (IXIC) futures are trading 4.50 points below fair value.


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