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.
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.