CLOSING UPDATE: Indices End Lower, Market Catches Its Breath After Yesterday's Frenzied Trading - Yields Continue to Rise

By Staff,

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After Thursday's freefall, stocks took a breather today, fluctuating between small losses and light gains to close slightly to the downside. Today's lack of direction caps a week marked by disappointing earnings, rising interest rates and mounting concerns about consumer spending. Today's mixed economic data failed to inspire any direction, although it was an excuse to drive the yield on the 10 year note to another 2 year high.

The morning kicked off with a less than expected gain in housing starts, but an above-forecast increase in new permits. Second-quarter non-farm productivity improved 0.9% against estimates for a 0.6% gain, while labor costs shot up a stronger than consensus 1.4% after contracting 4.3% for Q1. Finally, the Reuters/Univ of Michigan consumer sentiment index dropped to its lowest level in 4 months at 80.0 compared to estimates of 85.5.


Dow Jones Industrial Index was down 30.72 (-0.20%) to 15,081.47

S&P 500 was down 5.49 (-0.33%) to 1,655.83

Nasdaq Composite Index was down 3.34 (-0.09%) to 3,602.78


FTSE 100 was up 0.26% to 6,499.99

Nikkei 225 was down 0.75% to 13,650.11

Hang Seng Index was down 0.10% to 22,517.81

Shanghai China Composite Index was down 0.64% to 2,068.45


P - The stock was upgraded by JP Morgan and Goldman Sachs ahead of what is expected to be strong earnings on Thursday.

AZPN - Beat earnings estimates by $0.08. Revenue also came in better than estimates with Q2 revenue of $83.3 million versus $78.9 million forecast.

MTEX - Gains attributed to insider buying as well as recent patent wins


JOSB - The company is expecting Q2 sales to fall short of estimates

JWN - Nordstrom reported 18% sales growth but lowered guidance

MNDL - Prices public offering at $2.48, a 20% discount to Thursday's closing price

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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