Market Commentary: Before Market Open
Stock Market Update 2011-01-25 08:15:19
8:15 AM ET 1/25/11 | Briefing.com
S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -12.80. Stock 
futures are under a bit of pressure this morning. Most of their move lower 
coincided with a dip by Europe's major bourses, which are presently mixed in 
the wake of news that Britain's GDP contracted 0.5% in the fourth quarter and 
news that some of Spain's banks need to raise capital or will face government 
takeover. Asia's major averages were mixed overnight. Japan's central bank left 
its key rate unchanged at 0.1%, but raised its GDP forecast to 3.3% growth from 
2.1% growth. The Bank of India raised its key rate by 25 basis pints to 6.5%. A 
flurry of earnings announcements has come over newswires this morning, but they 
continue to do little to motivate market participants. Results have generally 
been strong with Travelers (TRV), 3M (MMM), DuPont (DD), Baker Hughes (BHI), 
BlackRock (BLK), Regions Financial (RF), and KeyCorp (KEY). Amgen (AMGN) and 
Johnson & Johnson (JNJ) also beat on the bottom l ine, but both issued downside 
forecasts. Dow component Verizon (VZ) missed the consensus earnings estimate. 
Fellow blue chip American Express (AXP) posted in-line results.

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