(As of 7:26 am PST)
Earnings are driving the market this morning with some
sectors being hit more than others.
Several big names have reported so far this morning. DuPont, Texas Instruments, and Lockheed
Martin reported strong earnings which beat expectations. UPS Q2 profits fell, as did Valero Energy’s
with both stocks getting hit. Also, Freeport
McMoRan and Radioshack reported disappointing earnings results that missed
estimates. Investors are keying in on
two big names to report after the bell today, Apple and AT&T. Analysts are projecting another drop in
earnings for Apple, citing continued pressure on the iPhone 5. Investors are
being cautious on Apple, with shares down 1% ahead of the announcement. Overseas, markets saw some positive action
today. Asian markets closed in the green
led by a jump in Chinese stocks after government leaders committed to
supporting economic growth through restructuring measures. Also, the Nikkei was higher after Japan
upgraded its view of the economy for the 3rd consecutive month. The pro-growth China news spilled into Europe
with positive momentum taking hold for markets.
Gold prices dropped this morning after recording the largest 1 day gain
in over a year yesterday. Interest rates
rose ahead of a treasury auction and the US dollar inched higher. It’s an earnings driven day with Apple’s
report after the bell an important event that may set the tone for tomorrow’s
trade.
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