US Equities Little Changed Despite Summer Heat
Today's financial recap and tomorrow's financial outlook.
Gold closed up 0.7% on the day to $1,293. Crude oil finished up marginally, closing the week at about $108 per barrel. The 10-year yield dropped 4 bps to 2.49%.
Google (NASDAQ:GOOG) finished the day down 1.5% after releasing earnings that missed analyst estimates after yesterday’s close. The stock initially traded down 6% on the news, but rallied throughout the day. Microsoft (NASDAQ:MSFT) reported very disappointing earnings yesterday afternoon, and shares traded down 12% today. The Nasdaq Composite (INDEXNASDAQ:.IXIC) finished the day down 0.7%.
The city of Detroit filed for bankruptcy after market close yesterday. Municipal bonds remained under pressure today as a result. Fitch, one of the three major credit rating agencies, released a report stating that it was doubtful holders of Detroit's general obligations bonds would receive any money back.
The SEC charged Steve Cohen with failure to supervise two managers at his fund who were convicted of insider trading earlier this year.
Monday's Financial Outlook
The Chicago Fed national activity index will be released at 8:30 a.m. EDT on Monday. June existing home sales will be released at 10:00 a.m. EDT. The estimate for June is 5.25 million.
There will be no notable economic data releases from the rest of the world.
McDonald's (NYSE:MCD), Halliburton (NYSE:HAL), Texas Instruments (NASDAQ:TXN), Zions Bancorporation (NASDAQ:ZION), and Netflix (NASDAQ:NFLX) will be releasing earnings on Monday.
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