The Rally Stalls Out
Today's financial recap and tomorrow's financial outlook.
The S&P 500 (INDEXSP:INX) continued the trend seen over the past few days. The index bottomed just before noon and rallied throughout the afternoon.
However, unlike on Thursay and Friday, the push higher stalled out and the S&P finished down 0.4% at 1685.
The pending home sales index came in better than expected at -0.4% versus the -1.4% consensus. However, last month’s increase of 6.7% was revised down to 5.8%. This drove underperformance in housing and financial stocks.
The Dallas Fed manufacturing survey came in worse than expected with a reading of 4.4 versus the 6.4 forecast by economists.
Gold rose $8 on the day to $1,330 per ounce. The 10-year yield rose 3 bps on the day to 2.59%. Crude oil was little changed on the day, closing at $104.60 per barrel.
Hertz Global Holdings (NYSE:HTZ) reported earnings that fell short of analysts' estimates, sending shares down 3% on the day.Japanese household spending, unemployment rate, and industrial production will be released later tonight. The Nikkei 225 (INDEXNIKKEI:NI225) dropped 3.2% on the day, which was its second consecutive 3%+ decline, so more volatility is likely on the way.
Tomorrow's Financial Outlook
The FOMC meeting will begin tomorrow morning.
On the data front, the ICSC-Goldman Retail Chain Store Sales and Redbook Index will be released tomorrow morning, as will the S&P/Case-Shiller Home Price Index and The State Street Investor Confidence Index.@Minyanville
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