Pre-market futures started out in positive territory early this morning, but an hour before the opening bell they’ve slipped slightly into the red: the Dow, coming off a record-high close Monday, is down -38 points, the S&P 500 -5 and the Nasdaq -32 points.
We’re still three weeks away from the start of the next Federal Open Market Committee (FOMC) meeting, where the Fed will decide what to do with interest rates. Since July of last year, they’ve been in the 5.25-5.50% range, and economic metrics appear to have come down sufficiently to begin cutting. Whether this will be by 25 basis points (bps) or 50 bps will be dependent on data.
Case-Shiller Home Prices
The June print on Case-Shiller home prices notched its fifth-straight hike and yet another all-time high. Month over month, this metric grew +0.2% — slower than the +0.3% reported the previous month — and +6.5% year over year, above the +6.3% analysts were expecting.
Because these figures are always a couple months in arrears, it’s not designed to predict future moves from the Fed or elsewhere. But it is the definitive report on domestic home prices, and continues moving slightly upward. For June, New York City led the way with +9% price gains, followed by San Diego at +8.7% and Las Vegas at +8.5%. The Southwest looks to be making a comeback these days.
Earnings Reports Today: HAIN, BMO and More
Retail tea and snack brand company Hain Celestial HAIN outperformed fiscal Q4 estimates on both top and bottom lines this morning. Earnings of 13 cents per share surpassed the 8 cents in the Zacks consensus, while revenues of $418.8 million — still more than -6% below year-ago sales levels — outpaced the $418.23 million analysts were expecting. This is the stock’s fifth-straight earnings beat, and shares are +4% in early trading on the news.
Bank of Montreal BMO, on the other hand, came up short of estimates in its fiscal Q3 this morning. Earnings of $1.93 per share was light of the Zacks consensus by a solid nickel, while revenues marginally missed expectations by -0.21%. Shares are down -2.5% in the pre-market, adding to the -10% losses year to date. For more on BMO’s earnings, click here. https://www.zacks.com/stock/news/2327410/bank-of-montreal-bmo-lags-q3-earnings-and-revenue-estimates
After today’s closing bell, we expect earnings reports from luxury department store Nordstrom JWN and Tommy Hilfiger/Calvin Klein, etc. parent PVH PVH (formerly Phillips-Van Heusen, know for its Izod brand in the 1980s). Nordstrom earnings are expected to come in -12% year over year, while PVH looks to come in +14% on its bottom line. We’ll also hear from cloud-based management company Box BOX this afternoon, which is expected to have grown earnings by +11%.
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See This Stock Now for Free >>Nordstrom, Inc. (JWN) : Free Stock Analysis Report
The Hain Celestial Group, Inc. (HAIN) : Free Stock Analysis Report
Bank Of Montreal (BMO) : Free Stock Analysis Report
PVH Corp. (PVH) : Free Stock Analysis Report
Box, Inc. (BOX) : Free Stock Analysis Report
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