Flat Action on an Uneventful Day
Today's financial recap and tomorrow's financial outlook.
This morning, the ISM services index topped estimates, recording a reading of 56.0 versus the 53.0 consensus as new orders spiked. This is the strongest level reported since February, and a big reversal from June's disappointing number.
In a speech today, Dallas Fed President Fed Fisher announced that the FOMC is "closer to execution mode" on tapering its bond purchasing program.
The 10-year US Treasury yield traded 4 bps higher to 2.64%, driving bond prices down.
And in commodities, gold sank 0.6% to $1,302 per ounce. Crude oil fell 0.33% to $106.6 per barrel.
Shares of BlackBerry (NASDAQ:BBRY) surged 7% on rumors of strong sales of its Q10 smartphone, while momentum favorite Tesla Motors, Inc. (NASDAQ:TSLA) shot up yet again ahead of earnings later in the week.
Index heavyweight Apple Inc. (NASDAQ:AAPL) jumped 1.5% after President Obama vetoed a ruling that would have banned the sale of some of Apple's older products.
The Japanese PMI report came in worse than expected last night, and the ever volatile Nikkei 225 (INDEXNIKKEI:NI225) sank 1.44% on the news.Tomorrow's Financial Outlook
The US trade balance will be released at 8:30 a.m. EDT tomorrow morning. The consensus calls for a deficit of $43 billion. Charles Evans, President of the Federal Reserve Bank of Chicago, will be speaking at 1:00 p.m. EDT tomorrow.
Allegheny Technologies Incorporated (NYSE:ATI), DISH Network Corp (NASDAQ:DISH), First Solar, Inc. (NASDAQ:FSLR) MGM Resorts International (NYSE:MGM) are a few of the major companies releasing earnings tomorrow.Twitter: @Minyanville
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.
Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.
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.
Daily Recap Newsletter