Commodities Post a Strong Rally Following China Trade Data
Today's financial recap and tomorrow's financial outlook.
The S&P 500 (INDEXSP:.INX) closed the day up 0.4% following a steady afternoon rally. Equity markets opened up, but quickly faded back to negative territory in the opening minutes. The 10-year yield closed the day down 1 bps to 2.59% after the subpar auction of $16 billion in 30-year Treasuries this afternoon that were priced at a high yield of 3.652%.
Tesla Motors (NASDAQ:TSLA) reported earnings that crushed analysts' estimates. Shares soared 15% in today’s trading. The stock is currently up 500% year to date. Shares of Groupon (NASDAQ:GRPN) rose 25% after releasing an earnings beat.
JC Penney Company (NYSE:JCP) closed 7% higher on the day after activist investor Bill Ackman publically called for a quick selection of a new CEO.
Both silver and gold rallied today after the Bank of Japan statement and strong Chinese data. Gold closed up 1.7% to $1,308 per ounce. Silver climbed 3.5%. Crude oil fell 0.8% to $103.5 per barrel after touching $102.27 per barrel intraday. Natural gas inventories rose an astounding 96 Bcf last week, according to EIA, well above the 75-80 Bcf that had been expected. Natural gas futures plunged shortly following the report, but finished up on the day more than 1.5%.
Lions Gate (NYSE:LGF) released earnings after the close, beating handily on revenues and causing a 3% surge in the stock in post-market trading.
Tomorrow's Financial Outlook
There is no major US economic news due out tomorrow. Overnight, China will release its consumer price index, producer price index, retail sales, and industrial production figures from July. Additionally, the UK will release its trade balance from July.
There will be no major earnings reports in the US tomorrow.
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