Concerns Over Syria Military Action Spark Late Day Selling
Today's financial recap and tomorrow's financial outlook.
US equity indexes remained up between 1 and 6 points throughout the majority of the day, led by gains in homebuilding and financial stocks. A speech by Secretary of State John Kerry hinted that the US was very against the use of chemical weapons by the Syrian government on its own people. Some investors noted that the speech was similar to comments made by the Bush administration prior to the invasion of Iraq ten years ago. A large amount of stocks were sold shortly after the speech, with the S&P 500 (INDEXSP:.INX) quickly revisiting and breaking through its 50-day moving average. At the end of the day, the S&P 500 closed down 0.4%.
July durable goods orders fell 7.3% from the month prior. Orders ex-transports, which is the more closely watched figure, fell 0.6% from the prior month, which was below the +0.5% economist estimate. Retail and transportation stocks performed strongly, however. The Dallas regional manufacturing survey rose to a reading of 5.0 in August from 4.4 in the month prior.
Tomorrow's Financial Outlook
The June S&P/Case-Shiller home price index will be released tomorrow morning. Economists estimate that the index rose 12.10% from the prior year in June. Later in the morning, the Conference Board will release its consumer confidence index for the month of August. Economists estimate that the index will decline slightly to 79.0 from 80.3. Lastly, the Richmond regional manufacturing survey is expected to trend back up to a neutral reading after falling to -11 last month.
Global economic data will be light tomorrow. Japan will release small business confidence figures for August, and the IFO Institute will release German investor economic expectations for August.
The two major US earnings reports on the calendar are Workday (NYSE:WDAY) and Tiffany (NYSE:TIF).
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