Overseas markets in Asia and Europe were lower overnight.
Particularly notable was the weakness in the Indian, Thai, and
Indonesian markets. The Indian rupee hit a new low against the
dollar at 63.13 rupees per dollar while the Reserve Bank of India
attempts to stem the outflows from its country by raising the
discount rate and limiting foreign capital investment. The
(INDEXBOM:SENSEX) was down 1.56% in trading overnight. European
markets all finished in the red, and the
(INDEXNIKKEI:NI225) finished up 0.79%.
US equities opened the day lower, then had a quick bounce, but
finished on the lows of the day following a very negative
performance throughout the day. The number of declining issues on
the NYSE outnumbered the advancing issues by a 4:1 margin, the
fifth straight day of negative internal readings. The energy and
financial sectors were the worst performing sectors of the
(INDEXSP:.INX), both falling by more than 1%. Tech, particularly
), was in positive territory for much of the day, but gave up all
of its gains in the closing moments.
Treasuries joined in on the sell-off today, following emerging
market stocks, which also suffered. The 10-year Treasury yield rose
by 5 basis points to 2.88% after reaching a peak of 2.89% intraday.
Crude oil fell by 0.56%.
) fell by 0.3% following its worse-than-expected earnings. The
company reported EPS of -$0.10, worse than the -$0.08 consensus;
revenues were well below the consensus at $707.8 million.
Tomorrow's Financial Outlook
The regional Chicago manufacturing survey is the lone economic
report for tomorrow, and it is set to be released at 8:30 a.m. ET.
The consensus estimate is for no change from last month, which was
up from -0.13 the previous month. Earnings reports are due out come
Barnes & Noble
Dick's Sporting Goods
Overseas economic data is light with only the Reserve Bank of
Australia releasing minutes from its August monetary policy