The S&P 500
(INDEXSP:.INX) snapped its eight-day streak of gains, falling 0.6% today.
The ICSC-Goldman same store sales index saw a week-over-week change of -1.1%, markedly weaker than the 3% growth seen last week. The consumer price index came in higher than expected, rising 1.8% versus the 1.4% consensus.
Industrial production came in better than anticipated. Production rose 0.3% versus the 0.2% forecast by economists, while the capacity utilization rate was 77.8%, just edging out the 77.7% consensus. Plus, manufacturing increased 0.3% from last month, topping the expected 0.2%.
We also saw some good housing news as the NAHB housing market index read 57, its best level in more than seven years.
(NYSE:GS) cuts its target price on momentum favorite Tesla Motors
(NASDAQ:TSLA) to $84 per share today, driving an 14.8% decline.
In earnings, Goldman Sachs itself reported results that topped estimates, but the stock dropped. The Coca-Cola Company (NYSE:KO) released disappointing second-quarter results this morning, sending shares down.
The 10-year yield closed the day down 2 bps to 2.54% today. Gold traded 0.55% higher on the day at $1,290 per ounce. Crude fell 0.25% to $106 per barrel.
European indices fell after disappointing results from Great Britain’s CPI report. The FTSE 100
(INDEXFTSE:UKX) closed down 0.45%. The Nikkei 225
(INDEXNIKKEI:NI225) rose 0.64% on the day, closing at a six-week high of $14,599.
The Bank of Japan will be releasing minutes from its last meeting tonight at 7:50 p.m. EDT.
Tomorrow's Financial Outlook
The Bank of England will be releasing minutes from its last meeting tomorrow morning at 4:30 a.m. EDT. Great Britain’s labor market report will be released at the same time. US housing starts will be released at 8:30 a.m. EDT. Housing starts are expected to come in at 951K and permits are expected to be 990K.
Ben Bernanke will be testifying before the House Financial Services Committee tomorrow at 10:00 a.m. EDT. His prepared remarks will be released an hour and half prior to the start of the testimony.
The EIA petroleum status report will be released at 10:30 a.m. EDT. The Beige Book will be released at 2:00 p.m. EDT tomorrow afternoon.
We will see a large number of earnings reports tomorrow. Some of the bigger names include Abbott Laboratories
(NYSE:ABT), Bank of America
(NYSE:BAC), eBay Inc
(NYSE:IBM), and Intel
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.