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S&P Edges Closer to 2000 Ahead of Jackson Hole
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (SPX) hit a new all-time high of 1994.76 today as positive economic data gave the bulls confidence ahead of Fed Chair Janet Yellen's speech in Jackson Hole on Friday.

Jobless claims came in at 298,000, beating the 315,000 forecast by economists.

The August Markit US Manufacturing PMI was 58.0, above the 55.7 consensus and an improvement from last month.

Existing home sales were 5.15 million in July, slightly exceeding the 5.02 million consensus, though June's figure saw a slight downward revision.

The August Philly Fed Index hit 28.0, well above the 19.7 consensus.

And finally, the Leading Economic Indicators Index rose 0.9% in July, above the +0.6% expected.

Overseas, the data was mixed. China's August HSBC Manufacturing PMI disappointed, as did the Eurozone's manufacturing and service PMI's.

Retail stocks were in focus today, with a number of names in the sector reporting earnings.

Sears Holding (SHLD) took a 7.2% hit, finishing at $33.38 after delivering a substantial second-quarter loss.

Children's Place (PLCE) fared much better, rallying 7.8% after beating analysts' revenue and earnings forecasts.

Deep discounter Dollar Tree (DLTR) missed on earnings and the stock fell 1.3% to $54.28.

Elsewhere in the space, Family Dollar Stores (FDO) rejected a $78.50 per share offer from Dollar General (DG) based on antitrust concerns. Family Dollar's board of directors expressed support for a merger with Dollar Tree (DLTR).

Retail as a whole underperformed on the day, with the SPDR S&P Retail (XRT) falling 0.2%.

The iShares NASDAQ Biotechnology Index ETF (IBB) fell 0.9%. However, it rose nearly 9% in a straight line from August 7, so some cooling off was in order.

Tech stocks had a solid day overall, led by bullish action in eBay (EBAY) and Hewlett-Packard (HPQ), which were up on deal speculation and earnings, respectively.

Bank stocks were notably strong. The KBW Bank Index (BKX) rose 1.5%. Bank of America (BAC) led the way up with a 4.1% gain.

Tomorrow's Financial Outlook

Traders will be intensely focused on Fed Chair Janet Yellen's speech tomorrow at Jackson Hole. The consensus thinking is that Yellen will still lean towards the dovish side, which could partially explain the recent hard bounce in US equity markets.

The domestic economic calendar is empty, but we will see Canadian CPI and Retail Sales data for July.

The only big names reporting earnings are Foot Locker (FL) and Royal Bank of Canada (RY).

Twitter: @Minyanville

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.
No positions in stocks mentioned.

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.

S&P Edges Closer to 2000 Ahead of Jackson Hole
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (SPX) hit a new all-time high of 1994.76 today as positive economic data gave the bulls confidence ahead of Fed Chair Janet Yellen's speech in Jackson Hole on Friday.

Jobless claims came in at 298,000, beating the 315,000 forecast by economists.

The August Markit US Manufacturing PMI was 58.0, above the 55.7 consensus and an improvement from last month.

Existing home sales were 5.15 million in July, slightly exceeding the 5.02 million consensus, though June's figure saw a slight downward revision.

The August Philly Fed Index hit 28.0, well above the 19.7 consensus.

And finally, the Leading Economic Indicators Index rose 0.9% in July, above the +0.6% expected.

Overseas, the data was mixed. China's August HSBC Manufacturing PMI disappointed, as did the Eurozone's manufacturing and service PMI's.

Retail stocks were in focus today, with a number of names in the sector reporting earnings.

Sears Holding (SHLD) took a 7.2% hit, finishing at $33.38 after delivering a substantial second-quarter loss.

Children's Place (PLCE) fared much better, rallying 7.8% after beating analysts' revenue and earnings forecasts.

Deep discounter Dollar Tree (DLTR) missed on earnings and the stock fell 1.3% to $54.28.

Elsewhere in the space, Family Dollar Stores (FDO) rejected a $78.50 per share offer from Dollar General (DG) based on antitrust concerns. Family Dollar's board of directors expressed support for a merger with Dollar Tree (DLTR).

Retail as a whole underperformed on the day, with the SPDR S&P Retail (XRT) falling 0.2%.

The iShares NASDAQ Biotechnology Index ETF (IBB) fell 0.9%. However, it rose nearly 9% in a straight line from August 7, so some cooling off was in order.

Tech stocks had a solid day overall, led by bullish action in eBay (EBAY) and Hewlett-Packard (HPQ), which were up on deal speculation and earnings, respectively.

Bank stocks were notably strong. The KBW Bank Index (BKX) rose 1.5%. Bank of America (BAC) led the way up with a 4.1% gain.

Tomorrow's Financial Outlook

Traders will be intensely focused on Fed Chair Janet Yellen's speech tomorrow at Jackson Hole. The consensus thinking is that Yellen will still lean towards the dovish side, which could partially explain the recent hard bounce in US equity markets.

The domestic economic calendar is empty, but we will see Canadian CPI and Retail Sales data for July.

The only big names reporting earnings are Foot Locker (FL) and Royal Bank of Canada (RY).

Twitter: @Minyanville

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.
No positions in stocks mentioned.

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.

More From Minyanville Staff
Daily Recap
S&P Edges Closer to 2000 Ahead of Jackson Hole
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (SPX) hit a new all-time high of 1994.76 today as positive economic data gave the bulls confidence ahead of Fed Chair Janet Yellen's speech in Jackson Hole on Friday.

Jobless claims came in at 298,000, beating the 315,000 forecast by economists.

The August Markit US Manufacturing PMI was 58.0, above the 55.7 consensus and an improvement from last month.

Existing home sales were 5.15 million in July, slightly exceeding the 5.02 million consensus, though June's figure saw a slight downward revision.

The August Philly Fed Index hit 28.0, well above the 19.7 consensus.

And finally, the Leading Economic Indicators Index rose 0.9% in July, above the +0.6% expected.

Overseas, the data was mixed. China's August HSBC Manufacturing PMI disappointed, as did the Eurozone's manufacturing and service PMI's.

Retail stocks were in focus today, with a number of names in the sector reporting earnings.

Sears Holding (SHLD) took a 7.2% hit, finishing at $33.38 after delivering a substantial second-quarter loss.

Children's Place (PLCE) fared much better, rallying 7.8% after beating analysts' revenue and earnings forecasts.

Deep discounter Dollar Tree (DLTR) missed on earnings and the stock fell 1.3% to $54.28.

Elsewhere in the space, Family Dollar Stores (FDO) rejected a $78.50 per share offer from Dollar General (DG) based on antitrust concerns. Family Dollar's board of directors expressed support for a merger with Dollar Tree (DLTR).

Retail as a whole underperformed on the day, with the SPDR S&P Retail (XRT) falling 0.2%.

The iShares NASDAQ Biotechnology Index ETF (IBB) fell 0.9%. However, it rose nearly 9% in a straight line from August 7, so some cooling off was in order.

Tech stocks had a solid day overall, led by bullish action in eBay (EBAY) and Hewlett-Packard (HPQ), which were up on deal speculation and earnings, respectively.

Bank stocks were notably strong. The KBW Bank Index (BKX) rose 1.5%. Bank of America (BAC) led the way up with a 4.1% gain.

Tomorrow's Financial Outlook

Traders will be intensely focused on Fed Chair Janet Yellen's speech tomorrow at Jackson Hole. The consensus thinking is that Yellen will still lean towards the dovish side, which could partially explain the recent hard bounce in US equity markets.

The domestic economic calendar is empty, but we will see Canadian CPI and Retail Sales data for July.

The only big names reporting earnings are Foot Locker (FL) and Royal Bank of Canada (RY).

Twitter: @Minyanville

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.
No positions in stocks mentioned.

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.

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