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Markets Take a Beating Post-Fed

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

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US markets traded flat into the Fed announcement, but began to rapidly sell off during Ben Bernanke's press conference. While the Fed did not announce any change in monetary policy, its updated economic projections may be signaling rate hikes and/or tapering of QE activity. The S&P 500 (INDEXSP:.INX) finished the day down 1%, while the 10-year US Treasury yield jumped 13 bps to 2.31% after the announcement. This is the first time the 10-year has pushed through 2.3% since March 2012

The Nikkei 225 (INDEXNIKKEI:NI225) jumped 1.83% on the day. The Japanese index has bounced nearly 6.5% in the last four secessions since entering bear market territory.

The EIA petroleum report was released this morning, and crude inventories rose by 313,000 last week. Crude finished slightly lower on the day.

Tesla Motors Inc (NASDAQ:TSLA) announced that it will be recalling 800 Model S cars. After trading down early in the day, the electric car manufacturer finished the day up more than 1%. In tech, BlackBerry (NASDAQ:BBRY) was downgraded to underperform by Bernstein Research today; shares traded down 5% on the news. The company is due to release earnings on July 28.

Tomorrow's Financial Outlook

The European Union PMI composite flash will be released tomorrow at 4:00 a.m. EDT. Germany and France will both be releasing their flash reports at 3:30 a.m. EDT.

US weekly jobless claims will be released at 8:30 a.m. EDT. Initial claims are expected to come in at 340,000.

US existing home sales will be released at 10:00 a.m. EDT. Sales are expected to come in at 5 million, slight better than last month. The Philadelphia Fed survey will also be released at 10:00 a.m. EDT. The index is expected to report a reading of -1.0.

Oracle Corporation (NASDAQ:ORCL) will be releasing earnings tomorrow. Analysts expect earnings per share of $0.85.

Twitter: @Minyanville

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