(As of 7:15 am PST)
It’s a busy day on Wall St. as investors sifted through
earnings reports and economic data.
Momentum appears positive in early trade after several big names
reported earnings. Chipotle Mexican
Grill surged 11% after reporting earnings after the bell yesterday. Chipotle reported a 25% boost in profits and
also lifted its sales outlook going forward. Shares of Comcast and Verizon are
higher after upbeat earnings while reports from McDonalds and Coca-Cola
disappointed. Investors are eagerly
awaiting Apple’s report later in the day as the iPhone maker joins Microsoft in
reporting after the closing bell. In
economic news, consumer prices gained in June, but at a slower pace than the
prior month easing some concerns that inflation was beginning to pick up. A report on housing showed existing home
sales grew 2.6% in June, better than expected.
Some slight improvements in eastern Ukraine may be adding to sentiment
as pro-Russian rebels handed over black boxes from flight MH17 earlier today.
Officials will be looking for clues to what happened to the downed aircraft in
Thursday’s tragic event that killed 298 people.
International markets are higher on the day while gold and oil are
lower. It looks like a positive day is
shaping up but expect gains to be short lived as unrest in the middle east
remains the primary concern for global capital markets.
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