(As of 7:28 am PST)
It’s another mixed start for stocks with the Dow in the
red, while the Nasdaq and S&P are inching higher. The Commerce Dept. reported this morning that
US durable goods orders rose 4.2% in June, for the third straight month of
gains. Also, orders for May were revised
upward from 3.7% to 5.2%. The positive
activity signals strength in the manufacturing sector of the economy. Jobless claims rose 7,000 to 343,000 last
week, however average claims over the most recent month (a more reliable
figure) fell 1,250 to 345,250 showing signs that the labor market is
maintaining. Earnings reports continue
to drive markets. Facebook is leading
tech gains with shares up 27% as the social network reported better than
expected earnings on Wednesday that blew away analyst estimates. General Motors, Dow Chemical, and Xerox were
other big names that reported strong earnings.
Asian markets finished lower on weak company earnings, while investors
were also disappointed in the size and scope of the Chinese stimulus package
announced on Wednesday. Europe followed
suit with most indexes in the red. Gold
prices are higher by 0.5% while interest rates continue to tick higher. It appears another quiet day is in order with
earnings driving market direction.
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