Breaking News : Market Update Today

09:50 am : The major averages saw some volatility at the start of the session. After opening on a lower note, the S&P 500 briefly climbed into positive territory before sliding to fresh lows. Currently, the benchmark index is off by 0.3% with health care, materials, and technology as the weakest sectors. 

On the upside, consumer discretionary stocks are outperforming on the strength of retailers. The SPDR S&P Retail ETF (XRT 69.77, +0.50) is adding 0.7% after the February retail sales report exceeded expectations. 

January business inventories will be reported in 15 minutes.DJ30 -26.96 NASDAQ -9.09 SP500 -3.45 NASDAQ Adv/Vol/Dec 953/153.2 mln/1127 NYSE Adv/Vol/Dec 1056/69.9 mln/1621

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +3.20. Heading into the open, equity futures are signaling little change at the start of today's cash session. Index futures traded lower overnight, but upbeat February retail sales data was enough to spark some pre-market buying interest. 

For the month of February, retail sales rose 1.1%, while the Briefing.com consensus expected a rise of 0.5%. The prior month's reading pointed to an increase of 0.2%. Excluding autos, retail sales rose 1.0%, which was higher than the expected uptick of 0.5%. 

Although the retail sales report painted an upbeat February picture, this was not echoed by Express (EXPR 16.50, -2.35). The apparel retailer is slumping 13.8% after issuing first quarter and full-year earnings guidance well below consensus expectations. 

January business inventories will be reported at 10:00 ET and the U.S. Treasury will report its February budget at 14:00 ET. 

The U.S. Treasury will also reopen $21 billion in 10-yr notes.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.50.

U.S. equity futures are registering modest gains with the S&P 500 futures up 0.1%. 

The major Asian bourses ended mostly lower with Hong Kong's Hang Seng (-1.5%) pacing the decline as worries of a slowdown in China's property market weighed. Elsewhere, reports suggest there is some disagreement over who should become Deputy Governor at the Bank of Japan. Today's reports suggest the Japanese Restoration Party and the Your Party endorse Kikuo Iwata as Deputy Governor but oppose Hiroshi Nakaso as the second Deputy Governor. This follows yesterday's headlines that the DPJ was opposed to Mr. Iwata becoming a Deputy Governor. Data from the region showed Australian home loans slid 1.5% month-over-month (0.2% expected) and Westpac Consumer Sentiment rose just 2.0% (7.7% previous) while South Korea's unemployment rate jumped to 3.5% (3.2% expected, 3.2% previous).

• In Japan, the Nikkei closed lower by 0.6%, to post a second straight day of losses. Exporters fell as the yen strengthened, forcing shares of Canon and Konatsu down 2.8% and 1.6% respectively. Meanwhile, Japan Tobacco outperformed, surging 7.2% after demand for the government's share sale was more than twice the offering.
• Hong Kong's Hang Seng lost 1.5% as property stocks weighed on concerns of a slowdown in China. China Resources Land sank 4.0% to lead property shares lower while Evergrande Real Estate shed 2.6%. Elsewhere, rail stocks were hit as China Railway Group and China Railway Construction gave up 3.2% and 5.6% respectively.
• In China, the Shanghai Composite slipped 1.0% to end at its worst level in two months. Property stocks were the laggard with Poly Real Estate Group falling 3.6% to lead the decline. Elsewhere, cement names were weak as Anhui Conch Cement dropped 3.1%.

European indices are broadly lower after the release of several economic data points across the region. Eurozone industrial production declined 0.4% month-over-month, worse than the downtick of 0.1% expected by the consensus. French nonfarm payrolls declined 0.3% quarter-over-quarter, while the consensus expected a decrease of 0.1%. Meanwhile, the country's CPI rose 0.3% month-over-month (0.5% consensus). Spanish CPI climbed 0.2% month-over-month, slightly hotter than the rise of 0.1% that had been expected by the market. 

Looking at news, Italy auctioned off 3-yr debt with the notes clearing the market at a yield of 2.48%, up from the previous auction yield of 2.30%. Similarly, the country's benchmark 10-yr yield is adding 10 basis points to 4.70%. Reports indicate Cyprus and the Troika are in discussion regarding a smaller bailout agreement for the troubled sovereign. In addition, the Eurogroup is scheduled to hold a Friday evening meeting to discuss the issue.

• Germany's DAX is off by 0.2% and Commerzbank is the weakest performer. The financial trades lower by 8.5% after announcing plans to boost capital by selling additional shares.
• In France, the CAC is lower by 0.5% with industrials underperforming. Cie de St-Gobain and Legrand are down 2.1% and 2.5% respectively.
• The United Kingdom's FTSE is down 1.0% with miners underperforming. Antofagasta is sliding 3.4% and Kazakhmys is off by 4.2%.
• In Italy, the MIB is down 1.8% as financials weigh. Banco Popolare and Intesa Sanpaolo are seeing respective losses of 4.1% and 2.8%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +3.00. Equity futures ticked higher in reaction to the latest set of economic data. The S&P 500 futures are now flat. 

February retail sales rose 1.1%, while the Briefing.com consensus expected a rise of 0.5%. The prior month's reading pointed to an increase of 0.2%. Excluding autos, retail sales rose 1.0%, which was higher than the expected uptick of 0.5%. 

Export prices, excluding agriculture, increased by 0.6% in February after they had increased 0.5% during the prior month. Excluding oil, import prices were unchanged, which follows the 0.2% increase experienced in the prior month.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -3.90. Nasdaq futures vs fair value: -4.50.

U.S. equity futures are modestly lower amid downbeat overseas trade. The S&P 500 futures are off by 0.2%. 

Looking at overnight developments:

• Asian markets ended on a lower note. Japan's Nikkei shed 0.6%, China's Shanghai lost 1.0%, and Hong Kong's Hang Seng ended lower by 1.5%.
  • Regional economic data was limited:
    • New Zealand's FPI slipped 0.3% month-over-month to follow the prior rise of 1.9%.
    • Australia's home loans declined 1.5% month-over-month against the expectations of an increase of 0.6%.
    • South Korean unemployment was reported at 3.5%, ahead of the 3.2% expected by the market.
  • In news:
    • The cabinet of Japanese Prime Minister Shinzo Abe is expected to raise its March economic assessment for the third month in a row.
    • Two Japanese opposition parties have voiced their support for Kikuo Iwata as the deputy governor of the Bank of Japan. This comes after the main opposition party said it plans to vote against Mr. Iwata's appointment.
• European indices are broadly lower with peripheral markets underperforming. Italy's MIB is down 1.6% and Spain's IBEX is off by 0.8%. Meanwhile, Germany's DAX is off by 0.2%, France's CAC is shedding 0.4%, and the United Kingdom's FTSE trades lower by 0.9%.
  • Several economic data points were released across the region:
    • Eurozone industrial production declined 0.4% month-over-month, worse than the downtick of 0.1% expected by the consensus.
    • French nonfarm payrolls declined 0.3% quarter-over-quarter, while the consensus expected a decrease of 0.1%. Meanwhile, the country's CPI rose 0.3% month-over-month (0.5% consensus).
    • Spanish CPI climbed 0.2% month-over-month, slightly hotter than the rise of 0.1% that had been expected by the market.
  • Looking at news:
    • Italy auctioned off 3-yr debt with the notes clearing the market at a yield of 2.48%, up from the previous auction yield of 2.30%. Similarly, the country's benchmark 10-yr yield is adding 10 basis points to 4.70%.
    • Reports indicate Cyprus and the Troika are in discussion regarding a smaller bailout agreement for the troubled sovereign. In addition, the Eurogroup is scheduled to hold a Friday evening meeting to discuss the issue.

In U.S. corporate news:

• Boeing (BA 84.72, +0.56) is adding 0.7% after the Federal Aviation Administration approved the company's plan to test and ensure the safety of the electrical systems in Boeing's 787 Dreamliner jets.
• Express (EXPR 16.35, -2.50) is down 13.3% after the company issued full-year earnings guidance, which was much lower than the Capital IQ consensus.
• Spectrum Pharmaceutical (SPPI 8.25, -4.18) is plunging 34.0% after the company said it expects significantly lower sales of one of its drugs.

The weekly MBA Mortgage Index declined 4.7% to follow last week's rise of 14.8%. 

February retail sales, retail sales ex-auto, export prices ex-agriculture, and import prices ex-oil will all be announced at 8:30 ET. Finally, January business inventories will be reported at 10:00 ET and the U.S. Treasury will report its February budget at 14:00 ET. 

The U.S. Treasury will also reopen $21 billion in 10-yr notes.

06:15 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -2.00.

06:15 am : Nikkei...12236.66...-75.20...-0.60%.  Hang Seng...22556.65...-334.00...-1.50%.

06:15 am : FTSE...6457.82...-62.80...-0.80%.  DAX...7949.62...-16.50...-0.20%.