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
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
MTEX - Gains attributed to insider buying as well as recent
JOSB - The company is expecting Q2 sales to fall short of
JWN - Nordstrom reported 18% sales growth but lowered
MNDL - Prices public offering at $2.48, a 20% discount to
Thursday's closing price
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