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.
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.
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.