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Big Volatility on Fed Day

By: Minyanville
Posted: 7/10/2013 4:30:00 PM
Referenced Stocks: CBSH;CERE;OZRK;PGR;TV

The S&P 500 (INDEXSP:.INX) finished the day almost perfectly flat after some serious volatility.

After starting the day in a mild slump, stocks rallied after the release of the FOMC minutes from the last Fed meeting, but they quickly retreated.

While there wasn't anything particularly Earth-shattering in the Fed's report, market participants remain torn about the timing of the long-awaited tapering of the Fed's increasingly controversial QE activities, and there was no additional clarity given today. As a result, the market experienced a continuation of its wholesale confusion, and stocks and US Treasuries both sold off in reaction to the report.

In economics, wholesale trade came in lower than expected at -0.5% versus the 0.3% consensus.

Crude inventories fell by 9.9 million barrels, sending oil prices up 2.5% to $106.15. Gold finished the day up 0.2% after wild swings throughout the day.

The Bank of Japan did not announce any major changes to its monetary policy last night. The Nikkei 225 (INDEXNIKKEI:NI225) finished the day down 0.39%. Europe finished flat across the board.

Tomorrow's Financial Outlook

Publicly traded retailers will release their same-store-sales numbers throughout the daytomorrow .

Initial jobless claims will be released at8:30 a.m. EDT tomorrow morning. The consensus is to see initial claims of 337K.

US import and export prices will be released at 8:30 a.m. EDT. Export prices are expected to see growth of -0.1%. Import price are expected to come in at 0.1%. The Bloomberg consumer comfort index will be released at9:45 a.m. EDTtomorrow . The US Treasury budget will be released at2:00 p.m. EDT tomorrow afternoon.

Bank of The Ozarks Inc ( OZRK ), Ceres Inc ( CERE ), Commerce Bancshares, Inc. ( CBSH ), Grupo Televisa SAB ( TV ), The Progressive Corporation ( PGR ) and Washington Federal Inc. (WAFD) will be reporting earningstomorrow .

Twitter: @Minyanville