Over the weekend, Japanese GDP was released and came in better
than anticipated. Japan grew 4.1% at a quarterly annualized rate
compared to the prior growth of 3.5%. The
(INDEXNIKKEI:NI225) reacted very favorably to the news, jumping
nearly 5%. The
(INDEXHANGSENG:HSI) also posted slight gains on the day. Chinese
industrial production and retail sales both rose for the month of
US stocks were relatively flat on the day after Friday's gains.
Interest-rate-sensitive stocks were hardest hit with REITs falling
nearly 1%. Telecom stocks were the leading sector, rising by almost
1%. Market breadth remained weaker with NYSE decliners outnumbering
advancers by nearly 3:2.
Commodities were flat as well, with gold hovering just below $1,400
and crude oil just under $96. US Treasuries continued their
downtrend, with the 10-year yield rising 5.4 bps to 2.215%.
) held its Worldwide Developers Conference today. As was expected,
it released the new iOS system which was given the name Mavericks.
CEO Tim Cook, as well as other key personnel, introduced many of
the new features. The company also released iTunes Radio, Apple's
Pandora Media Inc.
). Shares of Pandora fluctuated during the news release, climbing
past $15.50 per share. Shares of Apple were positive for most of
the day but turned red upon the completion of the conference.
Tomorrow's Financial Outlook
At 7:30 a.m. tomorrow the NFIB Small Business Optimism Index will
be released. The consensus level is 92.3. Additionally, the
ICSC-Goldman Store Sales will be released at 7:45 a.m.
US Wholesale Trade will be released at 10:00 a.m.; the consensus
growth is 0.2% month over month after a rise of 0.4% last month.
The Japanese Producer Price Index will be released tomorrow night.
Estimates forecast a rise of 0.6% year over year.
The only earnings release on the calendar is from
Ulta Salon, Cosmetics & Fragrance, Inc.