Stocks are heading for a positive trading day as the world's
central bankers gather for their annual confab at Jackson Hole.
Before the opening bell,
(INDEXDJX:.DJI) futures were up 0.03% at 14,944. Futures contracts
(INDEXSP:.INX) rose 0.07% to 1,656.00 and
(INDEXNASDAQ:.IXIC) futures gained 0.12% to 3,105.50. Bond prices
continued to fall this morning as the 10-year yield rose three
basis points to 2.91%.
Asian and European indices are lower today. British shares are
higher as the UK's GDP report came in slightly higher than
expected. The country's economy grew 1.5% over a year ago. German
GDP was right in line with estimates, showing growth of 0.5% over a
Later this morning, we will get a reading of new home sales in
July. Economists expect sales to have slowed slightly to a
seasonally adjusted annualized rate of 487,000.
Moody's put major banks on
review for downgrade
"as it considers reducing its government (or systemic) support
assumptions to reflect the impact of US bank resolution policies."
) are all on review. The ratings agency now believes that the
government is more likely to let a major financial institution fail
in a crisis.
) shares fell 7% in after-hours trading after its earnings
statement. The bottom line beat Wall Street's expectations with
earnings per share of $0.04, but guidance was light. The online
music streaming service warned that the price of acquiring new
music was rising. It also took off the 40-hour monthly free
listening limit that it initially put in place to control costs.
(GPS) reported that second-quarter earnings rose to $0.64 per
share, up $0.15 from a year ago. This beat expectations by a penny.
Shares are down slightly, however, as the retailer's forward
guidance was lower than analysts' estimates.
The annual Kansas City Fed's Jackson Hole Economic Policy Symposium
will hold talks by the heads of several major central banks
including Fed Chairman Ben Bernanke, Bank of England head Mark
Carney, and ECB President Mario Draghi.