Wall Street’s oil inspired rally has run out of steam. Stocks are mostly lower as oil prices snap a four-day winning streak.
Task says oil’s impressive 20% rebound has all the characteristics of a bear market rally.
Investors also getting a look at how the labor market is faring in the private-sector ahead of Friday’s big jobs report. Payroll processor ADP reporting payrolls increased by 213,000 which was weaker than what economists were expecting.
However, Task doesn’t think the ADP data is predictive of what the government employment numbers will be on Friday.
Get the Latest Market Data and News with the Yahoo Finance App
Overseas, China took further steps to stimulate its economy. The People's Bank of China (PBO) cutting its reserve requirement ratio by 50 basis points to 19.5%. This allows lenders to have fewer deposits on reserves.
Stock specific news dominated by corporate results and deals this morning.
Disney (DIS) shares hitting an all time high. The House of Mouse reporting a huge beat on earnings while revenue also topped estimates as the "Frozen" affect showed no signs of thawing during the holiday period. Merchandise sales related to its box office hit continued to rise and visitors flocked to the company's theme parks, offsetting sluggish performance at its studio division.
Related: Disney skates to new high; GM jumps; Staples and Office Depot make it official
General Motors (GM) shares sharply higher after the automaker reported earnings that blew past estimates, but revenue came in short of forecasts, down more than 2% from a year earlier as it struggled with recall costs. GM also plans to raise its dividend by 20% in the second quarter of this year.
It's official. Staples (SPLS) is buying Office Depot (ODP) for $6.3 billion in cash and stock, or $7.25 a share. The deal will help the office supply chain cut costs and better compete with big box and online retailers. Shares of Staples were lower in early trading while Office Depot shares rose on the news.
J.M. Smucker’s (SJM) stock surging in early trading. The maker of jam and Folgers coffee is adding Meow Mix and Milk-Bone to its pantry of brands. It's buying Big Heart Pet Brands from its private equity owners for $5.8 billion in cash, stock and debt. The deal will help Smucker expand its presence in the $21 billion pet food industry.
Related: Are we over Chipotle?
Chipotle's (CMG) latest financial report leaving a bad taste in investors' mouths. While profit and revenue rose from last year, sales at stores open at least a year fell short of expectations. And Chipotle is reiterated an earlier warning that sales growth will slow this year.
Related: Ford has a better idea: raises
Some Ford (F) workers are getting a raise. The automaker says for the first time since 2007, it's promoting some union workers from entry level pay to what veteran employees make. Between 300 and 500 UAW members will see their salaries go from about $19 dollars an hour to more than $28 dollars.
