(As of 7:13 am PST)
Markets are rebounding from yesterday’s losses as
corporate outlooks improve. Corporate
earnings continue to roll in with several companies, including Aetna, raising
their 2013 outlooks today. Economic
reports also bolstered stock prices early with the Case/Shiller 20-city
composite index rising 2.4% in May, bringing the year-over-year gain on the US
home prices gauge to a 12.2% increase.
Stocks maintained their gains despite a decrease in consumer confidence
in July. The index that measures
confidence among consumers fell from 82.1 in June to 80.3 in July. Most Asian markets rebounded today as
well. Japan’s Nikkei rose 1.5% on a
weakened yen, snapping a 4-day losing streak for the index. Chinese stocks were also higher. European trade has been choppy on the day as
mixed earnings downplayed an upbeat consumer confidence report out of
Germany. Commodities are down with oil
continuing to decline to under $104 per barrel and gold is off by $10 per
oz. Interest rates are also down with
the 10 yr. treasury yield at 2.58%.
Investors are looking to tomorrow’s Fed statement on interest rates as
the key event of the week. Speculation
on when the Fed will taper its bond purchases remains the central question of
the market.
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