This morning, the International Monetary Fund cut its 2013
growth forecast for the US to 1.7% from 1.9%. The IMF's global 2013
forecast was also lowered from 3.3% to 3.1%. US markets rallied on
the day ahead of tomorrow's Fed minutes release and Ben Bernanke's
(INDEXSP:.INX) finished the day up 0.7%.
SPDR S&P Homebuilders ETF
(NYSEARCH:XHB) outperformed by a significant margin after CoreLogic
reported sharply falling foreclosures in May.
The 10-year yield finished down 2 bps to 2.63%. Crude continued
to push higher, finishing up 0.5% to $103.63, and hitting levels
not seen since May 2012. Gold climbed for a second straight day,
closing 0.74% higher at $1,245/oz.
) reported earnings after yesterday's close, beating analyst
estimates on both the top and bottom lines.
Ratings agency Standard & Poor's downgraded Italy's
long-term credit rating from BBB+ to BBB. S&P's long-term
outlook for the country is negative. The downgrade came after the
European market close, during which the
FTSE MIB Index
(INDEXFTSE:FTSEMIB) traded slightly in the red.
(INDEXNIKKEI:NI225) finished up 2.6% ahead of tomorrow's
announcement from the Bank of Japan.
Tomorrow's Financial Outlook
US wholesale trade data will be released at10:00 a.m. EDT tomorrow
morning. The consensus is to see month-over-month growth of 0.3%.
The EIA petroleum status report will be released at10:30 a.m. EDT .
The minutes from the last Fed meeting will be released at2:00
p.m. EDT tomorrow . Chairman of the Fed, Ben Bernanke, will be
speakingtomorrow after the market closes.
The Bank of Japan will make an announcement regarding its
monetary policytomorrow . The target interest rate is not expected
Family Dollar Stores
) will release earnings.