NEW YORK (TheStreet) -- April Fools' Day is upon us, and let's hope the market does not try to play a mean trick.
Leading the news is the extension of negotiations between Iran and world powers as a nuclear-weapons deal remains elusive, though both Iran and Russia have said a deal appears close.
Optimism is sprouting worldwide as Greece's economy minister is hopeful that a deal with the European Union and the International Monetary Fund is within reach next week. The deal will release the remaining bailout funds and allow the Greek government to avoid bankruptcy.
Overseas, saw better-than-expected manufacturing activity in the eurozone in March. The numbers posted were actually the best seen in 10 months, as foreign buyers took advantage of the weak euro to do some shopping.
Today is a big day on the domestic economic front, with the March ADP private employment report hitting the tape at 8:15 a.m. ET. Expectations are for 225,000 new jobs in March, which precedes Friday's official nonfarm payrolls report from the Labor Department. The U.S. manufacturing PMI will be released at 9:45 a.m., and investors are looking for a reading of 55.2.
The 10 o'clock hour brings two reports. Look for the Institute for Supply Management's manufacturing index for March, with a 52.5 reading expected, and offering a sense of how the harsh winter weather affected the economy. Also, we get construction spending data for February, with an expected 0.2% change.
- China's HSBC final PMI came in slightly higher than the flash figure for March, but still in contraction territory, while job losses accelerated. The final HSBC/Market China Manufacturing Purchasing Managers' Index (PMI) came in at 49.6, slightly higher than a preliminary "flash" reading of 49.2 but still below the 50-mark which separates contraction from expansion. The final PMI employment subindex came in at 47.4, its 17th straight month of contraction and the lowest reading since August 2014. However, China's official PMI - which is heavily slanted toward big state-owned companies - came back into expansion territory, with a reading of 50.1 in March from February's 49.9.
- GoDaddy, the web hosting company, has priced its initial public offering at $20 per share, above its previously indicated $17 to $19 per share range, Reuters reportedciting sources. This values the company at around $4.5 billion, including debt.
- Wal-Mart (WMT) is pressing suppliers to cut prices, in order to help it reignite sluggish sales, the Wall Street Journal reports.
- Foreign exchange reserves in emerging markets fell last year for the first time in 20 years. IMF data showed emerging markets' forex reserves down $114.5bn year on year in 2014 to $7.74 trillion. This could affect their ability to keep buying U.S. and European debt.
- Protesters clashed with police in Istanbul overnight after police killed hostage-takers at a courthouse. The two members of the banned Revolutionary People's Liberation Party-Front (DHKP-C) took prosecutor Mehmet Selim Kiraz hostage on Tuesday as an act of revenge over a teenager's death during anti-government protests in 2013. Kiraz was also killed in the rescue attempt.
In keeping with TSC's editorial policy, Bryan Ashenberg doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He appreciates your feedback;
to send him an email.