Today's market action felt like a roller coaster.
US stock futures were down in early trading following an ugly
decline in the Japanese
Things perked up a bit, however, after the July University of
Michigan Consumer Sentiment Survey came in at 85.1, which was ahead
of the consensus of 84, marking the highest level seen since July
The major indices popped modestly on the report before heading
lower for approximately an hour. The
(INDEXSP:.INX) very briefly broke Thursday's low, hitting the 1676
level before shooting up to barely finish in the green at 1691.
(INDEXNASDAQ:.IXIC) outperformed the S&P modestly, courtesy of
) putting in healthy rallies following their respectiveThursday
afternoon earnings reports.
(INDEXRUSSELL:RUT), which has exerted relative strength lately, was
a notable loser today, as was
), which reported disappointing earnings. The Nikkei also looks set
to take a beating overnight as futures were down sharply during US
trading hours due to strength in the yen, which hurts the
profitability of Japanese exporters.
In fixed income, US Treasuries rose as investors seem cautious
ahead of next week's deluge of economic data. And in commodities,
oil and natural gas fell, fitting with today's risk-off flavor.
Tomorrow's Financial Outlook
At10:00 a.m. ET , June pending home sales will be released, with
economists expecting a 1.2% decline. This number will be widely
watched, given uneven housing data and significant underperformance
in housing stocks. We will also see Dallas Fed Manufacturing
Activity data for June.
On the earnings front, notable names reportingon Monday include