(INDEXSP:INX) continued the trend seen over the past few days. The
index bottomed just beforenoon and rallied throughout the
However, unlike on Thursay and Friday, the push higher stalled out
and the S&P finished down 0.4% at 1685.
The pending home sales index came in better than expected at
-0.4% versus the -1.4% consensus. However, last month's increase of
6.7% was revised down to 5.8%. This drove underperformance in
housing and financial stocks.
The Dallas Fed manufacturing survey came in worse than expected
with a reading of 4.4 versus the 6.4 forecast by economists.
Gold rose $8 on the day to $1,330 per ounce. The 10-year yield
rose 3 bps on the day to 2.59%. Crude oil was little changed on the
day, closing at $104.60 per barrel.
Hertz Global Holdings
) reported earnings that fell short of analysts' estimates, sending
shares down 3% on the day.
Japanese household spending, unemployment rate, and industrial
production will be released later tonight. The
(INDEXNIKKEI:NI225) dropped 3.2% on the day, which was its second
consecutive 3%+ decline, so more volatility is likely on the way.
Tomorrow's Financial Outlook
The FOMC meeting will begintomorrow morning.
On the data front, the ICSC-Goldman Retail Chain Store Sales and
Redbook Index will be releasedtomorrow morning, as will the
S&P/Case-Shiller Home Price Index and The State Street Investor
) are a few of the major companies releasing earningstomorrow .