Existing Home Sales Highlight Weak June Housing Data
Today's financial recap and tomorrow's financial outlook.
Over the weekend in Japan, Prime Minister Shinzo Abe's ruling Liberal Democratic Party and coalition New Komeito Party took 135 of the 242 total seats in the Diet's upper house. This cements Abe's control over the Japanese Diet and should allow any new government legislation to pass with ease. Japanese stocks were higher at the open, but sold off to finish just in positive territory for the session.
The 10-year yield was flat on the day, closing at 2.49%. Gold rallied 3.14% to $1,333 per ounce. Silver jumped nearly 5% during today's trading. Crude oil fell 1.25% to $106.71 per barrel.
McDonald's (NYSE:MCD) released disappointing results before the market opened this morning, citing a weaker consumer outlook for the rest of the year. Shares traded 2.5% lower on the day. Netflix (NASDAQ:NFLX) released earnings following the market close of $0.49 per-share vs $0.40 consensus estimates and revenues of $1.07 billion vs $1.07 billion estimates. Net subscriber additions totaled 630,000 for the quarter, below the 700,000 estimate and EPS guidance of $0.30-$0.56 vs $0.43 estimates.
Tomorrow's Financial Outlook
The Redbook index of same store sales will be released at 8:55 a.m. EDT tomorrow morning. The FHFA house price index will be released at 9:00 a.m. EDT. The consensus is to see growth of 0.8% month over month. The Richmond regional manufacturing survey will be released at 10:00 a.m. EDT and is expected to record a reading of 8.
In global releases, the eurozone will release figures for June consumer confidence and Canada will release retail sales from June.
Apple (NASDAQ:AAPL), AT&T (NYSE:T), Peabody Energy (NYSE:BTU) and Lockheed Martin (NYSE:LMT) will be releasing earnings tomorrow.
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