Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stocks Drop at the Close to Finish in the Red


Today's financial recap and tomorrow's financial outlook.

Asian shares jumped overnight with the Japanese Nikkei 225 (INDEXNIKKEI:NI225) leading the way, up 3.51% on the back of strong economic data. Industrial production rose 2.0% versus the expected rise of 0.2%.

Major European indices all finished in the red after a late day sell-off. The FTSE 100 (INDEXFTSE:UKX) finished the day down 0.45%.

US markets were flat for most of the day, but the S&P 500 (INDEXSP:.INX) fell sharply in the closing minutes of trading to finish down 0.43%.

That brought the S&P 500's second-quarter performance to +2.4%.

The US consumer sentiment report came in better than expected with a reading of 84.1 versus the 83.0 consensus. On the negative side, the Chicago PMI fell short of expectations at 51.6, which was much lower than the 55.0 expected by economists.

The 10-year US Treasury yield jumped 3 bps to 2.51%.

Gold opened down, but rocketed upward in early morning trading after President of China National Gold Group, Sun Zhaoxue, said that the Chinese government should buy gold to back the international currency. Gold finished the day up nearly 2%, with silver rising in concert.

BlackBerry (NASDAQ:BBRY) plunged more than 25% during today's trading. The company reported worse-than-expected earnings, with earnings per share coming in at -$0.16 versus the $0.08 consensus. In addition, sales of its new BlackBerry 10 smartphones were lower than expected.

Tomorrow's Financial Outlook

There are no major earnings reports on Monday, but we'll have several economic reports to keep us busy.

The European Union HIPCP flash index will be released at 5:00 a.m. EDT.

US construction spending will be released at 10:00 a.m. EDT on Monday and is expected to come in at 0.4%.

ISM manufacturing will be released at 10:00 a.m. EDT. Following a reading of 49 last month, the consensus is at 50.5.

Next week will be a short trading week as the markets will be closed for Independence Day on July 4.

Employment numbers for June will be released next Friday, July 5.

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.

< Previous
  • 1
Next >
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.

Featured Videos