Quiet day. Not much on the econ front. But there were earnings announcements.
First the scoreboard:
Dow: 13,032.9, -82.6, -0.6%
S&P 500: 1,385.1, -5.6, -0.4%
NASDAQ: 3,031.4, -11.3, -0.3%
- There wasn't much to report out of mainland Europe today. Things haven't gotten much worse. But things haven't gotten much better either. Markets tumbled, with Spain's IBEX tanking 4 percent.
- In England, the central bank's Adam Posen sent out a hawkish signal saying that he didn not support more easing. This sent the British Pound surging. This follows hawkish comments from central bankers at the Fed, the ECB, and Sweden's Riksbank. However, High Frequency Economics' Ian Shepherdson is still worried that the Fed will mistakenly stay too dovish for too long, which will ultimately end in rampant inflation.
- Tech stock earnings set the tone for the U.S. trading session. Last night, Intel announced quarterly earnings that beat expectations. Revenue was slightly ahead of expectations but not by as wide a margin. The stock sold off today. Some analysts pointed to disappointing gross profit margins.
- IBM was another tech laggard following its earnings announcement. The consulting giant beat on the bottom line, but the top line was a little light.
- The Apple valuation debate continues to heat up. Goldman Sachs' Bill Shope thinks the stock is a screaming buy. Shope raised his price target to $750 from $700, arguing that worries regarding iPhone subsidies is overblown. Barclays' Ben Reitzes reiterated his buy rating, reminding investors that the stock usually rallies prior to new iPhone ship dates.
- Yum! Brands releases earnings after the bell.
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