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Goldman Beats Earnings, Coca-Cola and Yahoo Miss

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

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The S&P 500 (INDEXSP:.INX) snapped its eight-day streak of gains, falling 0.6% today.

The ICSC-Goldman same store sales index saw a week-over-week change of -1.1%, markedly weaker than the 3% growth seen last week. The consumer price index came in higher than expected, rising 1.8% versus the 1.4% consensus.

Industrial production came in better than anticipated. Production rose 0.3% versus the 0.2% forecast by economists, while the capacity utilization rate was 77.8%, just edging out the 77.7% consensus. Plus, manufacturing increased 0.3% from last month, topping the expected 0.2%.

We also saw some good housing news as the NAHB housing market index read 57, its best level in more than seven years.

Goldman Sachs (NYSE:GS) cuts its target price on momentum favorite Tesla Motors (NASDAQ:TSLA) to $84 per share today, driving an 14.8% decline.

In earnings, Goldman Sachs itself reported results that topped estimates, but the stock dropped. The Coca-Cola Company (NYSE:KO) released disappointing second-quarter results this morning, sending shares down.

The 10-year yield closed the day down 2 bps to 2.54% today. Gold traded 0.55% higher on the day at $1,290 per ounce. Crude fell 0.25% to $106 per barrel.

European indices fell after disappointing results from Great Britain's CPI report. The FTSE 100 (INDEXFTSE:UKX) closed down 0.45%. The Nikkei 225 (INDEXNIKKEI:NI225) rose 0.64% on the day, closing at a six-week high of $14,599.

The Bank of Japan will be releasing minutes from its last meeting tonight at 7:50 p.m. EDT.

Tomorrow's Financial Outlook

The Bank of England will be releasing minutes from its last meeting tomorrow morning at 4:30 a.m. EDT. Great Britain's labor market report will be released at the same time. US housing starts will be released at 8:30 a.m. EDT. Housing starts are expected to come in at 951K and permits are expected to be 990K.

Ben Bernanke will be testifying before the House Financial Services Committee tomorrow at 10:00 a.m. EDT. His prepared remarks will be released an hour and half prior to the start of the testimony.

The EIA petroleum status report will be released at 10:30 a.m. EDT. The Beige Book will be released at 2:00 p.m. EDT tomorrow afternoon.

We will see a large number of earnings reports tomorrow. Some of the bigger names include Abbott Laboratories (NYSE:ABT), Bank of America (NYSE:BAC), eBay Inc (NASDAQ:EBAY), IBM (NYSE:IBM), and Intel (NASDAQ:INTC).

Twitter: @Minyanville

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No positions in stocks mentioned.

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