10 things you need to know today (SPY, SPX, QQQ, DIA, SNAP)

pulse

March 7, 2017 11:42 AM

This is what traders are talking about.

A competitor training for the FIS Snowboarding and Freestyle Skiing World Championships.

Here is what you need to know.

House Republicans unveiled their Obamacare repeal. The bill, called the American Health Care Act, would eliminate Obamacare's individual mandate requiring all Americans to buy insurance or face a fine, and it would instead allow for steep premium increases for failing to have continuous coverage.

China's FX reserves grew for the first time since June. China's foreign-exchange reserves grew by $6.92 billion to $3.005 trillion during February, according to data released by the People's Bank of China.

Eurozone GDP was in line. GDP expanded at a 0.4% rate in the fourth quarter, data released Tuesday by Eurostat showed. Annual growth came in at 1.7%.

UK data disappoints. Both home prices and retail sales missed expectations, pushing the British pound below 1.2200 for the first time in six weeks.

Australia holds rates. The Reserve Bank of Australia held its key interest rate at 1.50%, as expected, and noted that the "Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2.5% in 2016." The Australian dollar is stronger by 0.2% at .7595 versus the US dollar.

Snap tumbles below its IPO opening price. Heavy selling on Monday pushed Snapchat's parent company, Snap Inc., down by more than 12% to $23.79 a share. The stock is set to open Tuesday's session lower by more than 2% near $23.25.

The Nintendo Switch is Nintendo's fastest-selling console ever. Nintendo has sold more Switch consoles in its first two days than any other of its gaming systems, according to Nick Wingfield of The New York Times.

Stock markets around the world are mixed. Australia's ASX (+1.2%) led overnight, while France's CAC (-0.3%) lags in Europe. The S&P 500 is set to open down 0.1% near 2,373.

Earnings reports trickle out. Dick's Sporting Goods reports ahead of the opening bell, and Urban Outfitters releases its quarterly results after markets close.

US economic data is light. The trade balance will be released at 8:30 a.m. ET, and consumer credit will cross the wires at 3 p.m. ET. The US 10-year yield is unchanged at 2.50%.

pulse