OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.27%) this morning are up +0.23% and European stocks are up +0.83% after a gauge of Eurozone Apr manufacturing activity was revised higher. Comcast is up nearly 3% in pre-market trading after it reported Q1 profit of 79 cents a share, excluding some items, better than consensus of 74 cents. Strength in global stocks undercut government bond prices as the yield on the 10-year German bund rose to a 1-3/4 month high of 0.425%. Asian stocks closed mostly higher: Japan closed for holiday, Hong Kong -0.03%, China +0.87%, Taiwan +0.25%, Australia +0.23%, Singapore -0.13%, South Korea +0.34%, India +1.77%. Chinese stocks received a boost on speculation the government will expand stimulus measures after a gauge of Chinese manufacturing activity for last month was unexpectedly revised lower to its steepest pace of contraction in a year.

Commodity prices are mixed. Jun crude oil (CLM15 +0.66%) is up +0.32% and Jun gasoline (RBM15 +0.55%) is up +0.46% at a 5-1/4 month high. Metals prices are mixed. Jun gold (GCM15 +0.52%) is up +0.61%. Jul copper (HGN15 -0.51%) is down -0.79%. Agriculture prices are mixed.

The dollar index (DXY00 +0.31%) is up +0.28%. EUR/USD (^EURUSD) is down -0.54%. USD/JPY (^USDJPY) is up +0.06%.

Jun T-note prices (ZNM15 -0.10%) are down -3.5 ticks at a 1-1/2 month low on carry-over weakness from a slide in German bund prices to a 1-3/4 month low.

The yield on Greece's 10-year bond moved up from a 1-3/4 month low of 9.88% to over 10.50% after people with knowledge of the matter said that Greece is still far from agreement with its international creditors. They said that gaps remain on issues from fiscal forecasts to labor and pension reforms, 3 days before the ECB's next decision on emergency aid to Greece. Greece is due to make a 200-million euros payment to the IMF this week.

The China Apr HSBC flash manufacturing PMI was revised lower by -0.3 to 48.9 from the previously reported 49.2, weaker than expectations of a +0.2 upward revision to 49.4 and the steepest pace of contraction in a year.

The Eurozone Apr Markit manufacturing PMI was revised upward by +0.1 to 52.0 from the previously reported 51.9.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) March factory orders (expected +2.0% after Feb's +0.2%), (2) the April New York ISM index (March was -13.1 to 50.0), and (3) a speech by Chicago Fed President Charles Evans about current economic conditions and monetary policy at the Columbus Economic Development Board Annual Meeting in Columbus, Indiana.

There are 16 of the S&P 500 companies that report earnings today with notable reports including: Comcast (consensus $0.74), Dun & Bradstreet (1.23), Tenet Healthcare (0.31), Tyson Foods (0.72), Sysco (0.41), Lowes (0.71).

U.S. IPO's scheduled to price or trade today include: none.

Equity conferences this week include: Barclays Chemical ROC Stars Conference on Tue, Internet & Television Expo on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Baird Growth Stock Conference on Tue-Thu, Power & Electricity World Asia 2015 on Wed, Sanford C. Bernstein & Co. Energy Conference on Wed, Deutsche Bank Health Care Conference on Wed-Thu, ICI General Membership Meeting on Wed-Thu, Citi Car of the Future Conference on Thu, Mitsubishi UFJ Securities Oil & Gas Conference on Thu, and RBC Capital Markets Mobile & Cloud Networking Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Comcast (CMCSA +1.13%) is up over 2% in pre-market trading after it reported Q1 EPS of 79 cents, above consensus of 74 cents.

Loews (L +0.22%) reported Q1 EPS of 27 cents, well below consensus of 71 cents.

Diamond Offshore Drilling (DO unch) reported Q1 EPS of 50 cents, above consensus of 42 cents.

Tyson Foods (TSN +2.51%) reported Q2 EPS of 77 cents, higher than consensus of 72 cents.

Cognizant Technology Solutions (CTSH +1.02%) reported Q1 EPS of 71 cents, better tgan consensus of 70 cents.

UBS reiterated its 'Buy' rating on Disney (DIS +1.66%) as it raised its pric target on the stock to $125 from $116.

Genuine Parts (GPC +1.80%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.

Henry Schein (HSIC +1.27%) reported Q1 adjusted EPS of $1.28, better than consensus of $1.27, although Q1 revenue of $2.46 billion was below consensus of $2.54 billion.

Warren Buffett said he bought more shares of Internaatinal Business Machines (IBM +1.39%) in Q1.

Twitter (TWTR -2.87%) was upgraded to 'Hold' from 'Sell' at Stifel.

Buckeye Partners (BPL +0.56%) was upgraded to 'Buy' from 'Hold' at Stifel.

The Athyrium Opportunities Fund reported a 9.9% stake in Pernix Therapeutics (PTX +4.55%) .

Donaldson (DCI +0.88%) lowered guidance on fiscal 2015 EPS to $1.51-$1.61 from $1.65-$1.85, below consensus of $1.74.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.27%) this morning are up +4.75 points (+0.23%). Friday's closes: S&P 500 +1.09%, Dow Jones +1.03%, Nasdaq +1.47%. The S&P 500 on Friday closed sharply higher on ideas that Friday's weaker-than-expected April ISM manufacturing index of unchanged at 51.5 (versus expectations of +0.5 to 52.0) will delay a Fed tightening. The broad market also received support from a rally in biotech stocks prompted by a 5% jump in Gilead Sciences on a positive Q1 earnings report.

Jun 10-year T-notes (ZNM15 -0.10%) this morning are down -3.5 ticks at a new 1-1/2 month low. Friday's closes: TYM5 -19.50, FVM5 -9.50. Jun 10-year T-notes on Friday slid to a 1-1/2 month low and closed lower on the recent jump in inflation expectations and on worries that the Fed will still raise interest rates later this year after the FOMC said this week that Q1 economic weakness was due to "transitory" factors.

The dollar index (DXY00 +0.31%) this morning is .up +0.263 (+0.28%) EUR/USD (^EURUSD) is down -0.0060 (-0.54%). USD/JPY (^USDJPY) is up +0.07 (+0.06%). Friday's closes: Dollar Index +0.697 (+0.74%), EUR/USD -0.00295 (-0.26%), USD/JPY +0.789 (+0.66%). The dollar index on Friday closed higher on the rally in the U.S. stock market and on weakness in EUR/USD after Dutch Finance Minister Dijsselboem said it was "too early to say" whether the Greek debt talks have reached a turning point.

Jun WTI crude oil (CLM15 +0.66%) this morning is up +19 cents (+0.32%) and Jun gasoline (RBM15 +0.55%) is up +0.0094 (+0.46%) at a 5-1/4 month high. Friday's closes: CLM5 -0.48 (-0.80%), RBM5 +0.0037 (-0.18%). Jun crude oil and gasoline on Friday closed lower on the stronger dollar and on reports of continued strong OPEC production in April. OPEC's Apr crude production level of 31.295 bpd was the 11th straight month that output has surpassed OPEC's 30 million bpd quota and was just below the 2-1/3 year high of 31.296 million bpd seen in March.

Click on picture to enlarge