Despite a report which showed that new home sales in the U.S.
are at a 5-Year high, the stock market was largely lower on
The losses, however, were modest and the Nasdaq actually
finished slightly positive on the day. Investors dumped
commodities and U.S. Treasuries on the session while the U.S.
Volume remained well-below 3-month averages despite a spate of
earnings reports released on Tuesday after the close and prior to
Wednesday's opening bell. Volatility expectations rose on the
session despite only small losses for the Dow and S&P 500,
which remain near all-time highs.
Earnings Expectations for the Week of July 22
The Dow Jones Industrial Average fell 27 points, or 0.17
percent, to close at 15,541.
The S&P 500 lost around 6 points, or 0.38 percent, to
finish at 1,686.
The Nasdaq added less than a point, or 0.01 percent, to
New Home Sales
New home sales rose for a third consecutive month in June, up
8.3 percent to 497,000 from 459,000 in the previous month. This
came in ahead of consensus estimates which expected new home
sales to be 483,000.
Prices for crude oil were lower on Wednesday. At last check,
NYMEX crude futures were down around 2 percent to $105.15. Brent
contracts had lost 1.26 percent and were last trading at $107.05.
Natural gas fell 1.20 percent on the day to $3.70.
Precious metals were also lower on the session. Near the close
of equities, COMEX gold futures had lost a little better than 1
percent to $1,319.30 while silver was down 0.86 percent to
$20.08. Copper lost 0.44 percent on the day and was last trading
Long-term U.S. Treasury prices fell sharply on the session.
Heading into the closing bell, the iShares Barclays 20+ Year
Treasury Bond ETF (NYSE:
) was down 1.25 percent to $107.54. The fall in prices pushed
yields up on Wednesday.
Yields for U.S. Treasuries were as follows on Wednesday
afternoon: The yield on the 2-Year Note was 0.35 percent while
the 5-Year Note was yielding 1.38 percent. The 10-Year Note yield
was last at 2.58 percent and the 30-Year Bond was yielding 3.65
The U.S. Dollar was moderately higher on the session. Late in
the day, the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.41 percent to $22.28.
The closely watched EUR/USD pair fell 0.29 percent on the day.
Other movers included the USD/JPY, which rose 0.72 percent and
the AUD/USD, which fell better than 1.50 percent.
Earnings Scheduled for July 24, 2013
Volatility and Volume
The CBOE Volatility Index (VIX) rose again on Wednesday
despite only modest losses for the S&P 500. Late in the day,
the VIX was trading up a little less than 6 percent to 13.38.
Volume remained well below average with around 96.5 million
SPDR S&P 500 ETF (NYSE:
) shares trading hands compared to a 3-month daily average of
Shares of VMWare (NYSE:
) had soared around 18 percent heading into the close after the
company reported better-than-expected fiscal second-quarter
) jumped more than 10 percent near the close after the company's
second-quarter earnings results.
Shares of video game-publisher Electronic Arts (NASDAQ:
) were up around 8 percent on Wednesday after the company
released its fiscal first-quarter earnings results after the
closing bell on Tuesday.
) rose almost 8 percent on the session after the company agreed
to acquire Maidenform Brands (NYSE:
) for $23.50 per share in cash, or around $575 million.
Maidenform shares traded up almost 23 percent on the news.
) rose more than 10 percent late in the day after the company's
second-quarter results topped Wall Street expectations.
Lumber Liquidators (NYSE:
) after beating quarterly estimates and raising its outlook for
Sarepta Therapeutics (NASDAQ:
) lost almost 19 percent on the session after the company said it
won't file a NDA for its drug, eteplirsen, until the first half
of next year.
) lost 15 percent after the company's president and CEO resigned
after an audit committee found irregularities in his expense
) fell 15 percent after the chip maker's fiscal second-quarter
Panera Bread (NASDAQ:
) was lower by around 7 percent in the wake of the company's
fiscal Q2 results and lowered full-year guidance.
Motorola Solutions (NYSE:
) fell almost 7 percent after reporting disappointing quarterly
Seagate Technology (NASDAQ:
) traded down a little more than 2 percent after reporting a 66
percent decline in its fourth-quarter earnings. The stock
recouped most of its earlier losses in afternoon trading.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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