(As of 7:07 am PST)
Stocks are slipping this morning despite positive
European news as investors await another Fed President speech later today. All three indexes are lower with the
blue-chip Dow leading equity losses. US
wholesale prices were unchanged in July, with core producer prices (which exclude
the volatile food and energy sectors) increasing slightly. Tomorrow, the government will release data on
the consumer level with expectations that inflation will remain contained. A few company names to note include Apple
which continues its impressive run, up 1.5% today. Macy’s shares are off 3.7% after reporting
disappointing earnings, while farming equipment manufacturer Deere &Co. is
also lower 2% despite strong earnings.
Dow component Cisco is set to report after today’s closing bell. Europe got a boost after data showed
Euro-zone GDP rose 0.3% in the second quarter, breaking a six quarter
recession. Individual reports on GDP
growth from Germany and France were very strong. Asian markets were up following a higher
finish from Wall St. Tuesday while trading in Hong Kong was halted due to a
severe typhoon. Gold is slightly higher
and interest rates are up as the US dollar slips. Worries remain over the Fed’s exit from its
bond purchase program with today’s Fed speaker, St. Louis President James
Bullard under the spotlight.
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