Intraday Market Update
Stocks were under pressure this morning after mixed earnings reports and continued tension in Europe toward Greece's sovereign debt problems. According to CNBC the Greek 2-year bond soared to 11.61% from 8.26%, while its 10-year bond jumped to 9.13%. The cost of insuring Greek government debt against default soared to 616 bps, which is an all time high. Qualcomm and Ebay offered disappointing outlooks for the remainder of the year which is weighing down the tech sector. Shares of QCOM and Ebay are off by more than -7%. Dow member Verizon reported earnings that met expectations, but disappointing growth of subscribers is pressuring its shares as they are down -1.2%.

The S&P 500 hit an intraday low of 1,190, down about -16 points compared to its close yesterday. The index coiled in a tight 6 point range between 1,192 and 1,198 before breaking out to the upside around 1pm EDT. All of the indices are now surging to break-even at about 1:15 EDT.

In other earnings news, PepsiCo beat earning by 1-penny but missed revenue estimates. Shares of PEP are off by almost -2%. Starbucks beat earnings estimates by 4-cents and also topped revenue estimates. The company also raised its full year guidance. Shares of SBUX are up +6%. Sandisk handily beat EPS estimates by 38-cents (95-cents compared to 57-cents), beat revenue estimates, offered Q2 revenue guidance above estimates. Shares are +10% higher.

The economic calendar was fairly busy this morning beginning with the Producer Price Index. The overall PPI rebounded +0.7% after declining -0.6% in February. The boost in March was considerably above analysts' expectations for a +0.4% increase. At the core level, inflation is almost nonexistent, however, when taking a closer look inside the numbers the report has commodity inflation written all over it. The jump in the headline PPI was led by a +2.4% spike in food prices and a +2.1% rise in gasoline prices. According to the BLS, 85 percent of the core rise came from higher jewelry prices due to higher gold and other metals costs.

Initial jobless claims came in as expected at 456,000. Continuing claims fell 40,000 to 4.646 million. Sales of existing homes rose +6.8% in March to an annual rate of 5.35 million with February revised slightly lower to 5.01 million. Supply fell back 8.0 months from February's 8.5 months. All cash sales remain very high at 27%, which reflects tight credit and low home prices. Distressed sales rose +3% to 36% with first-time home buyers making up 44% of the total sales.

Commodities:
Commodities were under pressure early but have since rebounded off or their lows. Natural gas spiked +4% after a weekly a draw (reduction) in inventories. Front month crude is off by -0.50% to $83.25 per barrel. Gold is +$10 off of its lows, but still down -.50% to $1,143 per ounce. Silver is lower by -0.35% to $18.00. Copper is under pressure, losing -1.37%.

International Markets:
Stocks around the world were mostly lower led by declines in China (-1.11%), Japan (-1.27%), Australia (-0.95%), London (-1.02%), Germany (-0.99%), France (-1.33%), and Spain (-2.29%).

Core Sector List:
Overall reading: 10 sectors declining, 6 sectors advancing.
Strongest Sectors: Home Construction, Oil Services, Retail
Weakest Sectors: Healthcare, Biotechs, Pharmaceuticals

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