NEWS / Foreign Exchange

Indices give back some ground

Motorola's pre-announcement has led to a bit of weakness in several of the names involved in the production of handsets. MOT -5.4% FLEX -3.5% QCOM -0.5% TXN PALM -8.4% Intuit is off 8% after providing some guidance on TurobTax sales. Airline stocks are heading lower weighed down by higher oil prices. May crude is up nearly 3% to $61.30 helping the energy complex to gains. The OIH +1% is again tested 2007 highs shrugging off the HAL -1% news from the other day. This mornings weekly jobless claims were below expectations putting some pressure on Treasury futures as traders reassess yesterday's FOMC statement. The 30 and 10-year futures are within one tick of session lows. Their cash yields have risen to 4.761% and 4.559% respectively. The odds of a June rate cut are holding just below 40% after ticking closer to 50% right after yesterday's FOMC statement. May copper is testing 2007 highs up another 2.25% to $3.08. The Dollar is rebounding some against its European counterparts. EUR/JPY 1.3352, GBP/USD 1.9673, USD/CHF 1.2120