Benzinga | May 22, 2013 08:46AM ET
The markets reached another record high Tuesday as the Dow added 50 points and the S&P, nearly three points. All eyes will be on Fed Chairman Ben Bernanke’s testimony at 10:00 am EST Wednesday.
Morning News
The Nikkei soared as the Bank of Japan left monetary policy unchanged. Bond yields were up 0.896 percent on the news and the Nikkei sat at 15627.26, up 1.6 percent.
Other markets were mostly down. The Kopsi was up 0.64 percent, the Shanghai composite was down 0.21 percent, and the ASX 200, the Australian index, was down 0.28 percent.
European Markets
European markets are lower this morning. The Spanish Ibex Index was down 0.61 percent and the Italian FTSE MIB Index was flat. Meanwhile, the German DAX was down 0.27 percent and the French CAC 40 shed 0.39 percent while the U.K. market was down 0.25 percent.
Commodities
Oil was sharply lower overnight and metals were higher. WTI Crude futures fell 0.53 percent to $95.67 per barrel while Brent Crude futures fell 0.76 percent to $103.12 per barrel. Copper futures were up 1.09 percent to $338.00 and silver futures recovered from yesterday’s selloff up 0.51 percent to $22.657 per ounce.
Corn prices fell to multi-week lows on reports that farmers are planting at a record pace after a late start to the planting season. Corn for July delivery sat at $6.40 per bushel.
Currencies
The Japanese Yen showed continued weakness against the dollar, falling to 102.92—a loss of 0.45 percent following the BOJ monetary policy announcements. The GBP/USD was down fractionally at 1.5086, and the EUR/USD was mostly unchanged 1.293.
Earnings Reported Tuesday
Investors are hesitant to make big bets ahead of Bernanke’s testimony this morning but here are stocks moving after hours.
Fed Chairman Ben Bernanke will speak at 10:00 am EST where he is expected to give dovish comments to Congress and quash rumors that the Fed is ready to cut back QE.
Also on the calendar are existing home sales at 10:00 am EST and the release of the FOMC minutes at 2:00 pm EST.
Have a great day and remember that one of the best ways to learn about your holdings is to listen to their conference calls.
BY Tim Parker
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