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Markets

The Rally Stalls Out

The S&P 500 (INDEXSP:INX) continued the trend seen over the past few days. The index bottomed just beforenoon and rallied throughout the afternoon.

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 ( HTZ ) 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 Nikkei 225 (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 Confidence Index.

AFLAC ( AFL ), Coach ( COH ), Merck ( MRK ), and Pfizer ( PFE ) are a few of the major companies releasing earningstomorrow .

Twitter: @Minyanville

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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