Monday morning market news gives another dampener to U.S. market
futures, with Japan reporting 2nd quarter GDP at 1.4% growth, just
over half of the 2.7% economists had been predicting. Worse, this
is a steep drop-off from the revised 5.5% growth from the previous
quarter. This news helped send the Nikkei down slightly, while the
Shanghai Composite Index led Asian markets even lower, falling
There is very little to look toward in terms of economic reports
today, so the recent market upswing, which had been closing in on
the 52-week highs from this spring, may have some difficulty
finding positive momentum.
While earnings season has been quite sluggish overall, especially
on the Revenue side, it's been far from the disaster many were
expecting. That said, fewer than 40% of already-reported S&P
500 companies beat on the top line this quarter, with many lowering
guidance for Q3 and beyond.
Retailers are in focus for the next couple weeks, as most of their
quarters end in July instead of June. This week alone we expect
earnings reports from
Abercrombie & Fitch
), among others.
After the market-close today we will get earnings results from
). The beleaguered e-commerce firm -- which has fallen over 70%
since its IPO last November -- nevertheless jumped 12% Friday and
is up another 4% in the pre-market today. I guess somebody's got a
good feeling about what the company has in store after the
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