Flat Action on an Uneventful Day


The S&P 500 (INDEXSP:.INX) closed the day down 0.15% on a quiet day.

This morning, the ISM services index topped estimates, recording a reading of 56.0 versus the 53.0 consensus as new orders spiked. This is the strongest level reported since February, and a big reversal from June's disappointing number.

In a speech today, Dallas Fed President Fed Fisher announced that the FOMC is "closer to execution mode" on tapering its bond purchasing program.

The 10-year US Treasury yield traded 4 bps higher to 2.64%, driving bond prices down.

And in commodities, gold sank 0.6% to $1,302 per ounce. Crude oil fell 0.33% to $106.6 per barrel.

Shares of BlackBerry ( BBRY ) surged 7% on rumors of strong sales of its Q10 smartphone, while momentum favorite Tesla Motors, Inc. ( TSLA ) shot up yet again ahead of earnings later in the week.

Index heavyweight Apple Inc. ( AAPL ) jumped 1.5% after President Obama vetoed a ruling that would have banned the sale of some of Apple's older products.

The Japanese PMI report came in worse than expected last night, and the ever volatile Nikkei 225 (INDEXNIKKEI:NI225) sank 1.44% on the news.

Tomorrow's Financial Outlook

The US trade balance will be released at8:30 a.m. EDT tomorrow morning. The consensus calls for a deficit of $43 billion. Charles Evans, President of the Federal Reserve Bank of Chicago, will be speaking at1:00 p.m. EDT tomorrow .

Allegheny Technologies Incorporated ( ATI ), DISH Network Corp ( DISH ), First Solar, Inc. (FSLR) MGM Resorts International (MGM) are a few of the major companies releasing earningstomorrow .

Twitter: @Minyanville

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.

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

This article appears in: Investing , Stocks

Referenced Stocks: AAPL , ATI , BBRY , DISH , TSLA



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