Stocks fell for a second day after comments from a pair of
Federal Reserve officials indicated the central bank may begin to
ease its massive bond-buying program as soon as next month. A
steeper-than-expected decline in the U.S. trade gap convinced many
traders the Fed will start tapering its stimulus efforts. All 10
sectors in the S&P 500 ended lower, with the biggest declines
among industrial and materials stocks. Shares also were pressured
by weak earnings results from several retailers, although the
sector managed to pare a portion of its earlier losses by the end
of the day.
In an interview with Market News International, Atlanta Fed
President Dennis Lockhart said the Fed could begin trimming the
size of the stimulus program as soon as September although he added
the central bank may wait longer if the expected economic growth in
the year's second half fails to materialize.
Later in the day, Chicago Fed President Charles Evans echoed
Lockhart's comments, also saying the Fed is likely to slow its
massive bond-buying stimulus program later this year, possibly as
soon as its September Federal Open Market Committee meeting,
depending on the economic data.
The Commerce Department today reported the U.S. trade gap fell
22.4% to $34.2 billion during June, the smallest deficit in nearly
four years. Economists polled by Thomson Reuters had expected the
trade gap to narrow only to $43.5 billion.
Commodities are lower. Crude oil for September delivery settled
$1.26 lower at $105.30 per barrel while September natural gas was
unchanged at $3.32 per 1 million BTU. December gold fell $19.50 to
$1282.40 per ounce while September silver was down 20 cents to
$19.52 per ounce. September copper was unchanged at $3.17 per
Here's where the U.S. markets stood at the end-of-day
Dow Jones Industrials down 57.85 (-0.60%) to 9,613.75
S&P 500 down 9.77 (-0.57%) to 1,697.37
Nasdaq down 27.18 (-0.74%) to 3,665.77
Hang Seng Index down 1.34%
Shanghai Composite Index up 0.49%
FTSE 100 down 0.23%
(+) CLRX, Medical data-analytics firm apparently benefiting from
a spate of recent media attention, including reports this week by
NBC News and Forbes magazine featuring the company's tools now
being used in cancer research and drug development.
(+) DYNT, Rallies for a second day after introducing four new
electrotherapy and ultrasound therapy products. Gains also
supported by the stock's small float, with only 1.66 million of its
2.52 million shares overall normally free to trade.
(+) ININ, Blows its former 52-high after posting Q2 earnings of
$0.14 per share, topping analyst projections by $0.12 per share.
Revenue grows near 39% year over year to $76.2 million, also
beating the analyst consensus by around $6.4 million.
(-) TA, Q2 EPS of $0.52 trails analyst consensus by $0.48 per
share. Sales OF $2.02 billion miss estimates by $10 million. for
(-) MDR, Reports a Q2 loss of $0.63, down from year ago income
of $0.22 per share. Revenue was $647.3 million, down from $889
million last year. Analysts, on average, were looking for the
oilfield services firm to produce a $0.03 per share profit on
$757.87 million in revenue.
(-) AEO, Halves FY13 earnings forecast from its prior guidance,
now expecting $0.10 per share because of weaker-than-expected sales
and reduced margins. Total Q2 revenues slide 2% from year-ago
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