Relax, we're about to hit the bottom in stocks: Jeffrey Saut

U.S. stock investors take a breather, the market is nearing its bottom, Jeffrey Saut, chief investment strategist at Raymond James, said Friday.

"Our timing models call for a low between Aug. 13 and Aug. 18, with a plus-or–minus three-day margin of error, so today it feels like capitulation," Saut said in an interview on CNBC's " Squawk Box."

Saut made his remarks after U.S. equities recorded their worst trading day in about a year and a half. The Dow Jones industrial average fell nearly 360 points, while the S&P 500 turned negative for the year, as a massive fall in oil and global growth concerns weighed on investor sentiment.

Read MoreS&P, Dow just had worst day of the year

"We're nearing the bottom. We knifed through the July support yesterday. It was pretty ugly. You would look for some kind of bottom either sometime today or the middle of next week," Saut added. 

"I've been in this business for over 45 years and I've seen this act before," he said. "It's kind of like pornography. You know it when you see it."

Via: CNBC

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Wall Street set to sell off as oil holds near lows

U.S. stock index futures indicated a sharply lower open on Thursday, with Dow futures down as much as 160 points, as oil prices extended losses and investors digested Wednesday's Fed minutes and more volatility in Chinese markets.

Wednesday's Fed minutes left the markets wanting, with enough nuance to keep Wall Street divided over whether the first rate hike comes in September or later.

That means the scrutiny of each piece of data, and particularly job-related or inflation data, will be intense.

Initial claims data came in at 277,000, but remained consistent with an improving labor market trend that could support a rate hike this year.

The U.S. 2-year Treasury note yield near 0.66 percent, while the 10-year yield trimmed losses to trade near 2.11 percent.

The U.S. dollar traded slightly lower against major world currencies, with the euro above $1.11.

Existing home sales, the Philadelphia Fed survey and leading indicators are all released at 10 a.m. ET.

Read MoreFed watch: The great debate rages on

The Philly Fed survey will be key, after the Empire State survey earlier in the week plunged to a 2009 low.

In oil markets, Brent crude traded at just under $47, down more than 1 percent, while U.S. crude hovered near $41 a barrel, recovering from a fresh six-and-a-half-year low near $40. 

Traders were also keeping an eye on a range of U.S. jobs data and China's continuing rollercoaster ride, with the benchmark Shanghai Composite closing 3.4 percent lower, down 128.53 points. 

On the earnings front, Madison Square Garden, Sears Holdings and The Buckle were scheduled to report before the bell. 

Sears lost an adjusted 67 cents per share for its latest quarter, smaller than the loss of $2.50 estimated by the lone analyst providing an estimate. Profit margins improved at both the Sears and Kmart chains, but same-store sales declined.

Walt Disney—Bernstein downgraded Disney to "market perform" from "outperform," saying valuations for media stocks need to be adjusted because of an increased risk premium regarding affiliate fees.

Read MoreEarly movers: SHLD, DIS, VRX, LL, FOSL, LMT, LB & more

Hewlett Packard, Gap, Intuit, Marvell Tech, Ross Stores,Salesforce.com and Fresh Market are all due after the bell.

In Europe, the pan-European Stoxx 600 index was 1.3 percent lower, with investors taking in the latest Fed minutes and concerns over Chinese growth continuing.

Via: CNBC

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Wall Street up on Washington deal optimism

NEW YORK (Reuters) - Stocks opened higher on Wednesday on optimism that U.S. politicians would strike a last-minute deal to prevent the country from defaulting on its debt, an event that could roil markets and economies worldwide.

The Dow Jones industrial average <.dji> rose 87.98 points, or 0.58 percent, to 15,255.99, the S&P 500 <.spx> gained 10.16 points, or 0.6 percent, to 1,708.22 and the Nasdaq Composite <.ixic> added 23.882 points, or 0.63 percent, to 3,817.892.

Despite the upbeat sentiment in the equities market, yields on U.S. Treasury securities due this month surged and the cost of borrowing against Treasuries in the repurchase agreement market rose as investors fretted about gridlock in Washington.

Via: Yahoo.com

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Wall Street falls as no progress seen to resolve shutdown

(Reuters) - U.S. stocks fell on Monday, extending two weeks of losses, as a lack of progress in ending the partial U.S. government shutdown or the debt-ceiling standoff kept investors nervous.

The S&P 500 ended near its lows of the session in a volatile day and dropped for its 10th time in the past 13 sessions. The CBOE Volatility index .VIX, a measure of investor anxiety, jumped 16 percent to its highest level since June. The VIX has gained for three weeks, up 48 percent over that period.

 

Much of the government has been closed since the start of the month, resulting in up to a million workers being furloughed. Investors are also looking ahead to the upcoming debate over the debt ceiling, which could result in a default on U.S. debt if not resolved.

In weekend comments, neither Republicans nor Democrats offered any sign of progress and both blamed the other side for the impasse. The deadline to increase the ceiling is October 17.

"The market is vulnerable to further declines for as long as the situation remains unclear. With each passing day, the market becomes more restless," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York.

Grohowski, who helps oversee $175 billion in client assets, estimated that each week the shutdown continues could shave 10 to 15 basis points off gross domestic product.

"While that isn't a lot, the recovery is still too fragile to withstand any long-term impact. It will start to have an impact on earnings estimates, which will impact valuations," he said.

Nine of the S&P's 10 sectors were lower on the day, with groups tied to the pace of economic growth, including financials .SPSY and materials .SPSMCM, among the weakest of the day. The only sector that rose was telecom .SPLRCL, which is considered a defensive play.

Via: Reuters

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Obamanomics: Chicago PMI Shows Sharp Contraction In Economy, Back To Recession Levels…

Business activity in the U.S. Midwest contracted this month for the first time since September 2009, as new orders sank, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer fell to 49.7 from 53.0 in August. Economists had forecast an unchanged reading of 53.

A reading below 50 indicates contraction in the regional economy.

The forward-looking new orders index plummeted to 47.4, from 54.8. while the gauge of employment sank to 52.0 from 57.1 last month.

Following the report, stocks added to their losses on the final trading day of the third quarter and amid uncertainty ahead of the result of stress tests on Spanish banks.

Via:CNBC

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