Afternoon Note
The major indices are all trading lower as investors digest a plethora of earnings reports. NASDAQ is the best performer and has been in and out of the green. Today is the busiest day for this earnings season, and after the bell, we get reports from two giants, Amazon and Google-Alphabet.
Oil is down once again as it trades near a 3 month low, down 1.88% midday to $41.13. The US dollar index is lower and treasury yields are higher. In the latest Treasury Department auction, $28 billion of 7 year notes were sold at a yield of 1.34%. Easy to see why there has been such a push to buy stocks with paying a good dividend.
Gold hit a two high after the Fed left rates unchanged and didn’t provide better clarity about the time timing of an increase. With the current data, 2016 seems more like a pipe dream.
Our advance goods trade deficit increased in June to $63.3 billion from $61.1 billion. And for a second time this week, there have been revisions to GDP (gross domestic product). At the end of May, the Fed was forecasting 2.9% growth. But today, the Atlanta Fed cut its forecast to 1.8% from 2.3%, below the Fed funds target of 2%. Doesn’t bode well for a rate increase.
On the NYSE, decliners-1551 lead advancers 1296 and on the NASDAQ, decliners-1663 lead advancers-1100.
Let’s keep our powder dry and see how things good when the earnings parade continues after the bell.
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