|Apple Looks Good for a Change|
By Minyanville Staff JUL 23, 2013 4:50 PM
Today's financial recap and tomorrow's financial outlook.
The S&P 500 (INDEXSP:.INX) closed down 0.2% today, trading within a tight band of 1691 and 1699.
The FHFA home price index saw month-over-month growth of 0.7% in May versus the 0.8% consensus. Last month’s change was revised down from 0.7% to 0.5%. The Richmond regional manufacturing index dropped to a reading of -11 versus the 8 consensus on a dramatic slowdown in business activity.
The 10-year yield climbed 2 bps to 2.51%. Gold closed 0.7% higher on the day at $1,345 per ounce. Crude oil opened down, but climbed throughout the day to finish at $107.26 per barrel.
Netflix (NASDAQ:NFLX) reported earnings that topped analysts' estimates yesterday after the market close, but recorded subscriber growth that was less than anticipated. Shares traded down 5% on the day. The United Parcel Service (NYSE:UPS) recorded second-quarter profit that declined 4% from last year, although the company had already pre-released earnings on July 12. UPS also lowered guidance for the year, citing weak economic trends in the second half of the year. Shares traded around the flatline for most of the day.
The Chinese Hang Seng Index (INDEXHANGSENG:HSI) climbed 2.33% following Premier Li Keqiang's statement that the bottom line for Chinese growth would be 7%. The FTSE 100 (INDEXFTSE:UKX) declined 0.39%.
Apple (NASDAQ:AAPL) reported better-than-expected earnings after the close, driving the stock higher in extended trading, a big relief to long-suffering bulls on the stock.Tomorrow's Financial Outlook
The PMI manufacturing index flash will be released at 8:58 a.m. EDT tomorrow morning. The index is expected to record a reading of 52.8 after seeing 52.2 last month. New home sales will be released at 10:00 a.m. EDT. Sales are expected to come in at 481K. The EIA petroleum status report will be released at 10:30 a.m. EDT.
Baidu.com (NASDAQ:BIDU), Boeing (NYSE:BA), Caterpillar (NYSE:CAT), Facebook (NASDAQ:FB), Ford (NYSE:F), and Visa (NYSE:V) are a few of the major companies releasing earnings tomorrow.Twitter: @Minyanville