Stocks held in decently on Wednesday despite the thrashing of a key market leader.
Apple (NASDAQ:AAPL) took a 5% hit after multiple Wall Street analysts downgraded the stock due to disappointment with the company's new iPhone lineup, which was announced on Thursday.
While Apple weighed down the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC), and to some extent, the S&P 500 (INDEXSP:.INX), the Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.9%.
US Treasuries were strong today as yields fell following a stronger-than-expected auction at 1:00 p.m.
Elsewhere in the fixed income market, Verizon
(NYSE:VZ) made a record $49 billion bond sale, three times bigger than Apple's $17 billion offering, which set the previous high in May.
In terms of economic news, July wholesale inventories rose 0.1% vs. the 0.3% consensus. The MBA Mortgage Index for the week ending Sept. 7 fell 13.5%.
And finally, on the geopolitical front, President Obama's speech on Syria last night supported the notion of a diplomatic solution coming forth by calling off a Congressional vote on a strike.
Tomorrow's Financial Outlook
At 8:30 a.m. initial jobless claims will be reported. The consensus stands at 330K. Continuing claims are expected at 2,976K.
Also at 8:30, the July Import Prices Index is expected to come in at 0.5%.
The earnings calendar is light, but there are a few names of interest reporting tomorrow
, namely Kroger
(NYSE:KR) and Lululemon Athletica
(NASDAQ:LULU) in the morning and Ulta Salon
(NASDAQ:ULTA) in the afternoon.
No positions in stocks mentioned.
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