Futures were slightly lower as we headed to press this morning which lead to a weak open. The losses were minimal however as the indexes showed some strength as Tech tried to lead the way but as we head into the second half of trading, the market is firmly lower.
As far as economic news, Factory Orders for the month of February rose 1.3%, versus expectations for an increase of 1.5%. The big report in about an hour will be the release of the FOMC minutes which could further the losses or give the bulls reason to rebound.
In earnings news, Pep Boys-Manny, Moe & Jack (PBY, $14.94, up $0.01) shares are trading slightly higher despite reporting a fourth-quarter loss of $4.4 million, or $0.08 a share. Analysts were expecting $0.12 a share. The company reported a profit of $8.4 million, or $0.16 a share, in the year-ago period and much of the miss can be blamed on a $900,000 M&A charge which weighed the bottom line.
The official start of 1Q earnings is next week but there are a few companies on different earnings cycles.
As we head to press, the Dow is down 62 points to 13,202 while the S&P is off 7 points to 1,411. The Nasdaq is lower by 8 points to 3,112.
We have a lot to cover in our Members Area today including 2 NEW TRADES so we have to cut it short. Subscribers, please make sure you use limit prices to get the best fills and we will be back in the morning with our next update.