• Dow Dragged Lower on Visa Outlook

    DOW 16,960.57 -123.23 points or -0.72%
    S&P 500  1,978.34  -9.64 points or  -0.48%

    NASDAQ 4,449.56  -22.54 points or  -0.50%

    Russell 2000  1,144.72  -11.54 points or -1.00%

     

    The Market traded lower from the opening and remained near the lows into the close. The Friday sell off was broad based with the large cap Dow falling harder than the S&P and Nasdaq. The Market was not happy with earnings results from Amazon. Prior to Amazon reporting earnings, most earnings results were beating the forecasts. Amazon posted a much larger 2nd quarter loss than expected, knocking the online retailer stock price down -34.60 or -9.65 percent to close at 324.01. Visa did manage to beat 2nd quarter earnings expectations, yet the company provided a disappointing sales outlook and the stock dropped -7.97 or -3.58 percent to close down at 214.77. Visa blamed a variety of reasons for the dismal sales outlook including a stronger US dollar and the conflict in the Ukraine. Next week, the Market will see over 20 new IPO issues. 

    All released and proposed to be released economic reports for the week are listed below.


    July 22

    8:30 am Core CPI report for June was 0.1 percent. The Market was expecting 0.2 percent. The prior reported figure was 0.3 percent. 

    8:30 am CPI report for June was 0.3 percent. That was exactly in line with Market expectations. The prior reported figure was 0.4 percent. 

    9:00 am FHFA Housing Price Index report for May was 0.4 percent. The prior reported figure was revised from flat to 0.1 percent. 

    10:00 am Existing Home Sales report for June was 5.04M. The Market was expecting 5.00M. The prior reported figure was revised from 4.89M to 4.91M.


    July 23

    7:00 am MBA Mortgage Index report for June 19 was 2.4 percent. The prior reported figure was -3.6 percent.

    10:30 am Crude Inventories report for July 19 was -3.969M. The prior reported figure was -7.525M.


    July 24

    8:30 am Initial Claims report for July 19 was 284,000. The Market was expecting 308,000. The prior reported figure was revised from 302,000 to 303,000. 

    8:30 am Continuing Claims report for July 12 was 2,500,000. The Market was expecting 2,533,000. The prior reported figure was revised from 2,507,000 to 2,508,000.

    10:00 am New Home Sales report for June was 406,000. The Market was expecting 475,000. The prior reported figure was revised from 504,000 to 442,000. 

    10:30 am Natural Gas Inventories report for July 19 was 90bcf. The prior reported figure was 107bcf.


    July 25

    8:30 am Durable Orders report for June was 0.7 percent. The Market was expecting 0.3 percent. The prior reported figure was revised from -0.9 percent to -1.0 percent. 

    8:30 am Durable Goods -ex transportation report for June was 0.8 percent. The Market was expecting 0.7 percent. The prior reported figure was revised from flat to -0.1 percent.

  • Mixed Market in Low Volatility Session



    DOW 17,086.63 -26.91 points or -0.16%
    S&P 500  1,987.01 +3.48 points or  +0.18%

    NASDAQ 4,473.70  +17.68 points or  +0.40%

    Russell 2000  1,158.14  +1.99 points or +0.17%

     

    The Market traded mixed all day with the Dow opening lower and remaining slightly lower all day while the S&P and NASDAQ opened slightly higher and remained slightly higher all day in a low volatility session. Apple and Pepsi both traded higher on solid earnings today. Puma Biotechnology catapulted up +275% higher on the announcement of encouraging results from their new breast cancer drug Neratinib. On the economic calendar, we will see Home Sales data and weekly jobs data. 

    All released and proposed to be released economic reports for the week are listed below.


    July 22

    8:30 am Core CPI report for June was 0.1 percent. The Market was expecting 0.2 percent. The prior reported figure was 0.3 percent. 

    8:30 am CPI report for June was 0.3 percent. That was exactly in line with Market expectations. The prior reported figure was 0.4 percent. 

    9:00 am FHFA Housing Price Index report for May was 0.4 percent. The prior reported figure was revised from flat to 0.1 percent. 

    10:00 am Existing Home Sales report for June was 5.04M. The Market was expecting 5.00M. The prior reported figure was revised from 4.89M to 4.91M.


    July 23

    7:00 am MBA Mortgage Index report for June 19 was 2.4 percent. The prior reported figure was -3.6 percent.

    10:30 am Crude Inventories report for July 19 was -3.969M. The prior reported figure was -7.525M.


    July 24

    8:30 am Initial Claims report for July 19

    8:30 am Continuing Claims report for July 12

    10:00 am New Home Sales report for June

    10:30 am Natural Gas Inventories report for July 19


    July 25

    8:30 am Durable Orders report for June

    8:30 am Durable Goods -ex transportation report for June


  • Equities Begin the Week Lower


    DOW 17,051.73 -48.45 points or -0.28%
    S&P 500  1,973.63 -4.59 points or  -0.23%

    NASDAQ 4,424.70  -7.44 points or  -0.17%

    Russell 2000  1,146,66  -4.95 points or -0.43%

     

    After Fridays rebound rally, when the market dismissed the Ukraine and Gaza news, the Market opened lower this morning, using the Ukraine and Gaza instabilities as an excuse to sell. The Market bottomed out early, and closed well off the lows, yet down on the day. It appears that the current Ukraine and Gaza issues are not having a severe impact on the Market today and that they will be deemed short term issues and forgotten about in a few weeks. The Market volatility continues to be historically low. The last time the Market experienced a correction, was back in Fall of 2011. On the earnings front, Netflix more than doubled last years quarterly profit. Texas Instruments reported better than expected quarterly revenues. The stock traded flat in the post Market trading session. The stock jumped higher in post Market trading on the news. This weeks economic data will see reports on the CPI and the Housing market. 

    All released and proposed to be released economic reports for the week are listed below.


    July 22

    8:30 am Core CPI report for June

    8:30 am CPI report for June

    9:00 am FHFA Housing Price Index report for May

    10:00 am Existing Home Sales report for June


    July 23

    7:00 am MBA Mortgage Index report for June 19

    10:30 am Crude Inventories report for July 19


    July 24

    8:30 am Initial Claims report for July 19

    8:30 am Continuing Claims report for July 12

    10:00 am New Home Sales report for June

    10:30 am Natural Gas Inventories report for July 19


    July 25

    8:30 am Durable Orders report for June

    8:30 am Durable Goods -ex transportation report for June


  • Market Rallies Erasing Most of Yesterdays Losses


    DOW 17,100.18 +123.37 points or +0.73%
    S&P 500  1,978.22 +20.10 points or  +1.03%

    NASDAQ 4,432.15  +68.70 points or  +1.57%

    Russell 2000  1,151.61  +18.01 points or +1.59%

     

    The Market opened higher this morning, and slowly but surely continued to march higher throughout the day erasing most of yesterdays losses. Yesterdays drama was all abated today allowing the Market to resume rallying. On the economic calendar, the Michigan sentiment report for July and Leading Indicators report for June both came in below expectations. 

    Next week we will see many more earnings reports. Enjoy the weekend. 

    All released and proposed to be released economic reports for the week are listed below.


    July 15

    8:30 am Retail Sales report for June was 0.2 percent. The Market was expecting 0.7 percent. The prior reported figure was revised from 0.3 percent to 0.5 percent. 

    8:30 am Retail Sales ex-auto report for June was 0.4 percent. the Market was expecting 0.6 percent. The prior reported figure was revised from 0.1 percent to 0.4 percent. 

    8:30 am Empire Manufacturing report for July was 25.6. The Market was expecting 13.2. The prior reported figure was 19.3. 

    8:30 am Export Prices ex-ag report for June was -0.3 percent. The prior reported figure was 0.1 percent. 

    8:30 am Import Prices ex-oil report for June was -0.1 percent. The prior reported figure was flat. 

    10:00 am Business Inventories report for May was 0.5 percent. The Market was expecting 0.6 percent. The prior reported figure was also 0.6 percent. 


    July 16

    7:00 am MBA Mortgage Index report for July 12 was -3.6 percent. The prior reported figure was 1.9 percent. 

    8:30 am PPI report for June was 0.4 percent. The Market was expecting 0.2 percent. The prior reported figure was -0.2 percent. 

    8:30 am Core PPI report for June was 0.2 percent.  The Market was expecting 0.2 percent. The prior reported figure was -0.2 percent. 

    9:00 am Net Long-Term TIC Flows report for May was $19.4B. The prior reported figure was revised from -$24.

    9:15 am Industrial Production report for June was 0.2 percent. The Market was expecting 0.4 percent. The prior reported figure was revised from 0.6 percent to 0.5 percent. 

    9:15 am Capacity Utilization report June was 79.1 percent. The Market was expecting 79.2 percent. The prior reported figure was 79.1 percent.

    10:00 am NAHB Housing Market Index report for July was 53. The Market was expecting 50. The prior reported figure was 49.

    10:30 am Crude Inventories report for July 12 was -7.525M. The prior reported figure was -2.370M.

    2:00 pm Fed’s Beige Book report for July said the Nations economy continued to expand at a moderate pace over the past 6 weeks. 


    July 17

    8:30 am Initial Claims report for July 12 was 302,000.The Market was expecting 311,000. The prior reported figure was revised from 304,000 to 305,000. 

    8:30 am Continuing Claims report for July 5 was 2,507,000. The Market was expecting 2,563,000. The prior reported figure was revised from 2,5484,000 to 2,586,000. 

    8:30 am Housing Starts report for June was 893,000. The Market was expecting 1,020,000. The prior reported figure was revised from 1,001,000 to 985,000. 

    8:30 am Building Permits report for June was 963,000. The Market was expecting 1,037,000. The prior reported figure was 991,000. 

    10:00 am Philadelphia Fed report for July was 23.9. The Market was expecting 12.5. The prior reported figure was 17.8. 

    10:30 am Natural Gas Inventories report for July 12 was 107 bcf. The prior reported figure was 93bcf. 


    July 18

    9:55 am Michigan Sentiment report for July was 81.3. The Market was expecting 84.0.  The prior reported figure was 82.5.

    10:00 am Leading Indicators report for June was 0.3 percent. The Market was expecting 0.5 percent. The prior reported figure was revised from 0.5 percent to 0.7 percent.