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
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.
Daily Recap Newsletter