Stocks Lower in Early Trading, Dollar Up

Stocks are trading lower in early trading on some mixed economic news. Jobless claims were lower than expected, but durable goods were a bit weak and new home sales also came in below expectations.

AAPL and QCOM both reported solid earnings last night, and their stocks are mixed this morning. I think AAPL will likely be higher by the end of the day.

The dollar is firm this morning, and the Yen and Euro are both lower. Oil and gold are also lower, with oil down near $117 and gold below the $900 level.

The weakness in commodities is causing all of the energy/materials stocks to get hit. The ag stocks are down the most after Potash (POT) reported earnings and sold off. But the oil stocks, solar stocks, and steel stocks are all lower as well.

Financials are the standout, with both the bank and broker index trading higher. This is hopefully a good tell that the market could firm as the day goes one.

Asian markets were mixed overnight, but Hong Kong was up and China surged +9.3% on a move by the government to cut a "stamp duty" on stocks. Could it be that the govt. in China doesn't want the stock bubble to pop before the world comes to visit at this year's Olympics?

The 10-year yield is higher again, at 3.80%, reflecting renewed economic strength down the road.

long AAPL