(As of 7:25 am PST)
Markets opened lower this morning with heavyweights Intel
and UPS offering disappointing guidance that weighed on indexes. Intel shares fell 4% in pre-market trade
after the chipmaker reported semi-decent earnings but provided disappointing
revenue guidance for 2014. UPS also cut
its 2013 guidance citing inclement weather and “unprecedented” online holiday
shopping. Shares of UPS were down
2%. A flood of economic reports also hit
the wires this morning giving investors plenty to chew on heading into the
holiday weekend. Industrial production
grew 0.3% in December, in line with expectations, as manufacturing and mining
output advanced. Construction on new US
homes slowed by 9.8% in December, but not enough to dent the annual growth seen
in 2013 which was the strongest in six years.
Building permits, a sign of future demand, fell 3% in December but kept
its annual pace the highest since 2007.
Lastly, the Univ. of Michigan/Reuters Consumer Sentiment report showed
an unexpected drop in sentiment in January.
Interest rates and the US dollar
are higher and gold is also moving up.
All in all, it’s been a back and forth week with conflicting data making
it difficult for market direction to firm up.
The stock market will be closed on Monday for Martin Luther King Jr.
Day, but trading will resume Tuesday with some big names like IBM, Johnson &
Johnson and Verizon set to report. Have
a great holiday weekend!
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