U.S. equity index futures are slightly higher this morning. S&P 500 futures are up 2 points in pre-opening trade. Traders are waiting for news on interest rates and monetary policy to be released at 2:15 PM EDT after completion of the Federal Reserve Open Market Committee meeting.
The U.S. Dollar is trading slightly lower this morning. Commodities priced in U.S. Dollars including crude oil, copper, gold, silver, platinum and gasoline are trading higher.
Index futures did not respond significantly to economic news released at 8:30 AM EDT. Consensus for February Housing Starts was a decline of 3.6%. Actual was a decline of 5.9%. Housing starts were hampered in February by weather. Consensus for February Building Permits was a decline of 3.2%. Actual was a decline of 1.6%.
Domtar gained 3% after Goldman Sachs raise its rating on the stock from Neutral to Conviction Buy. Target price was raised from $63 to $82.
General Electric added 1% after JP Morgan raised its 2010 earnings estimate from $1.00 to $1.10 per share and re-iterated its Overweight rating. Yesterday, General Electric broke above resistance at $17.30 to reach a 15 month high. Current intermediate upside potential is to $21.40.
Starbucks rose 2% after UBS upgraded the stock from Neutral to Buy. Target price was raised from $27 to $29. On the charts, the stock recently broke resistance at $24.45 to reach a 28 month high. Current intermediate upside potential is to $28.10.
The energy industry is gearing up for a major expansion. This morning Shell announced plans to expand production through a $100 billion capital spending program through to 2004.
Don Vialoux, chartered market technician, is the author of a free
daily report on equity markets, sectors, commodities, equities and
Exchange-Traded Funds. For more visit Don Vialoux's Web site