Asian Equity Weakness Migrates to the US and Europe
Today's financial recap and tomorrow's financial outlook.
US equities opened the day lower, then had a quick bounce, but finished on the lows of the day following a very negative performance throughout the day. The number of declining issues on the NYSE outnumbered the advancing issues by a 4:1 margin, the fifth straight day of negative internal readings. The energy and financial sectors were the worst performing sectors of the S&P 500 (INDEXSP:.INX), both falling by more than 1%. Tech, particularly led by Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG), was in positive territory for much of the day, but gave up all of its gains in the closing moments.
Treasuries joined in on the sell-off today, following emerging market stocks, which also suffered. The 10-year Treasury yield rose by 5 basis points to 2.88% after reaching a peak of 2.89% intraday. Crude oil fell by 0.56%.
Saks (NYSE:SKS) fell by 0.3% following its worse-than-expected earnings. The company reported EPS of -$0.10, worse than the -$0.08 consensus; revenues were well below the consensus at $707.8 million.
Tomorrow's Financial Outlook
The regional Chicago manufacturing survey is the lone economic report for tomorrow, and it is set to be released at 8:30 a.m. ET. The consensus estimate is for no change from last month, which was up from -0.13 the previous month. Earnings reports are due out come from retailers JC Penney (NYSE:JCP), Barnes & Noble (NYSE:BKS), Dick's Sporting Goods (NYSE:DKS), Best Buy (NYSE:BBY), and Home Depot (NYSE:HD).
Overseas economic data is light with only the Reserve Bank of Australia releasing minutes from its August monetary policy meeting.
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