(As of 7:20 am PST)
Stocks are retreating after a two day rally which saw the
S&P500 post a record close yesterday.
Sentiment has turned negative this morning after some disappointing
earnings results from Citigroup and Best Buy.
Citigroup missed analyst expectations leading the decline for financial
stocks, while Best Buy shares dumped 30% after reporting an unexpected 0.9%
decline in comparable sales and casting a disappointing outlook. A decent report on jobless claims and the
consumer price index wasn’t enough to turn stocks around. A strong reading from the Philly Fed
manufacturing index showed manufacturing activity picking up in January, ahead
of analyst expectations. International
markets are taking cues from the US.
Europe is off of a 6 year high while Asian markets closed mixed. Gold is up $5 per oz. to $1243 while oil
trades flat. Treasuries are higher as
interest rates ticked lower. After the two best trading days of 2014 it appears
today’s market is taking a breather.
No comments:
Post a Comment