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US Equities Little Changed Despite Summer Heat

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

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The S&P 500 (INDEXSP:.INX) finished the day flat after opening down 0.2%. There was no major US or international economic data released today. Trading volumes were low with 9.1B shares changing hands on US exchanges today.

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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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.

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