Risk-Off Returns for the Stock Market
Today's financial recap and tomorrow's financial outlook.
Notable underperformance came from the commodities sector. Gold struggled on partial expectations of decreased monetary stimulus and lack of inflation. This was also effected by the stronger dollar, due to a strengthening US economy.
This morning in earnings, Chevron (NYSE:CVX) missed both earnings-per-share and revenue estimates, noting the adverse effect of global currency conditions. McGraw-Hill (NYSE:MHP) also beat earnings and guided higher on future earnings, after noting an increased demand for credit ratings.
Tomorrow's Financial Outlook
Over the weekend, G-20 finance ministers will meet in Mexico City to discuss the European debt crisis and plans for a banking union and Spain taking advantage of the European bailout fund, the ESM.
Monday in US economic data, the ISM will release its non-manufacturing composite index. Because the US is largely a services-based economy, this index is more important than some of the manufacturing data we receive. Economists estimate that the index will fall to 54.5 from last month's 55.1. Globally, Australia will release retail sales and the UK will release their services PMI index.
Earnings wise, Time Warner Cable (NYSE:TWC), Tesla Motors (NASDAQ:TSLA), Express Scripts (NASDAQ:ESRX), CF Industries (NYSE:CF), Zillow (NYSE:Z), and Walter Energy (NYSE:WLT) will report.
In a non-financial related note, US clocks will fall back an hour as Daylight Savings Time ends on Sunday.
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