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U.S. stocks: Dow drops by triple digits
Employment cost index rises more than expected
NEW YORK (MarketWatch) — The Dow Jones Industrial Average dropped triple digits Thursday, as investors weighed the implications of robust economic growth and signs of rising wage inflation on Federal Reserve policy.
The main benchmarks were on track to finish the volatile month mostly lower, first monthly loss in 7 months.
The S&P 500 (SNC:SPX) declined 19 points, or 1%, to 1,951.45 and was on track to record its first monthly loss since January.
The Dow Jones Industrial Average (DJI:DJIA) dropped 136 points, or 0.8%, to 16,740.51 and was set to finish the month lower. The Nasdaq Composite (NASDAQ:COMP) lost 52 points, or 1.2%, to 4,410.52 and looked set to close flat over the month.
Weekly jobless claims rose slightly less than expected a week after hitting a 14-year low. However the employment cost index rose due to a larger-than-expected increase in wages. Many analysts watch for wage inflation as a precursor to inflation. http://www.marketwatch.com/story/us-stocks-futures-drop-on-last-day-of-july-trade-2014-07-31?link=MW_latest_news
Jobless claims likely to remain low — as will worker raises
The number of Americans filing new applications for unemployment benefits is very low, but perhaps not quite as low as the government reported last week.
Initial jobless claims are expected to rise above the 300,000 mark just one week after falling to an eight-year low of 284,000, according to economists polled by MarketWatch. They predict claims will increase to around 308,000 in the seven days ended July 26.
The drop in claims last week was not a surprise, but the size of the decline was. The last time claims were that low was in 2006, when the unemployment rate was around 5% compared to the current rate of 6.1%.
One possible cause is the annual shutdown in manufacturing plants to retool for new production, especially among auto makers. These summer shutdowns often make the claims figures gyrate in July and early August.
The four-week average, which reduces the impact of weekly ups and downs, is still hovering above 300,000 and is a better indicator of labor-market trends.
Even if weekly claims did rise last week, though, the labor market is clearly on the upswing. The U.S.has added more than 200,000 jobs a month for five straight months and another 200,000-plus gain is expected in July when the government on Friday issues the employment report. Layoffs are bouncing along modern record lows and job openings are the highest since the recession ended in mid-2009.
What economists are watching closely is if the rise in employment is translating into higher wages for workers. The employment cost index that measures how much companies pay in wages and benefits will offer further clues. The index is projected to climb a modest 0.5% in the second quarter after a 0.3% gain in the first quarter.
The claims report and ECI index will both be released by the Labor Department at 8:30 a.m. Eastern.
U.S. stocks: Futures drop on last day of July trade
LONDON (MarketWatch) — U.S. stock futures slumped Thursday, as markets assess economic data and the Federal Reserve’s intentions ahead of wrapping up the month of July.
Investors will get financial updates from oil majors Exxon Mobil and Conoco Phillips, and weekly labor-market data ahead of the widely anticipated July jobs report.
Futures for the Dow Jones Industrial Average (CBE:DJU4) dropped 107 points, or 0.6%, to 16,714, and those for the S&P 500 index (GLC:SPU4) fell 14 points, or 0.7%, to 1,950. Futures for the Nasdaq 100 index (GLC:NDU4) gave up 30 points, or 0.7%, to 3,939.
“The markets seem to be digesting a lot of the data from [Wednesday] along with the Fed statement. Even though there is a good chance we’ll see a revision to what was a surprisingly good Q2 GDP number, this does raise the spectre of monetary tightening in less than a year,” said Brenda Kelly, chief market strategist at IG, in emailed comments.
Equities are also feeling the pinch from a selloff in government bonds that’s left the yield on the 2-year note (ICAPSD:2_YEAR) at its highest level since May 2011, said Kelly.
Concerns about the health of Europe’s banking sector may drag on Wall Street, as shares of Banco Espírito Santo SA (ELI:PT:BES) in Lisbon sank as much as 50%. The shares had been suspended after the Portuguese lender reported a record second-quarter loss . The loss came as the bank’s troubled parent company, Espirito Santo International, found ways to use the bank to raise funds that are largely unrecoverable.
At 8:30 a.m. Eastern Time, the Labor Department releases its weekly jobless claims report, with the number of Americans who filed new applications for unemployment benefits last week expected to rise to about 308,000 by economists surveyed by MarketWatch. Due the same time, the Labor Department’s employment cost index, which measures how much companies pay in wages and benefits, is projected to climb a modest 0.5% in the second quarter.
Even with the expected rise in jobless claims, the labor market is still strengthening, as the economy has added more than 200,000 jobs a month for five consecutive months. On Friday, the July nonfarm-payrolls report is projected to show a gain of 230,000 jobs.
A reading on July business conditions in the Chicago area is due at 9:45 a.m. Eastern Time, and economists are looking for the Chicago PMI to rise to 63.5, from 62.6 in June.
On the corporate front, Conoco Phillips (NYSE:COP) reports earnings before the bell and is projected to post per-share earnings of $1.60 for its second quarter, according to FactSet.
Exxon Mobil (NYSE:XOM) is expected to report adjusted second-quarter earnings of $1.86 a share.
Pharmaceutical distributor McKesson’s (NYSE:MCK) earnings are projected to come in at $2.33 a share.
U.S.-listed shares of Nokia Oyj (NYSE:NOK) may be active after Nokia Networks agreed to buy a part of Panasonic’s (TYO:JP:6752) wireless networks business for an undisclosed amount.
In the commodities market, crude-oil futures (NMN:CLU4) fell below $100 a barrel on bearish U.S. inventory data, while gold futures (CNS:GCQ4) edged higher.
European stocks (STX:XX:SXXP) were lower, and Asian equities closed mixed, with Japan’s Nikkei Average (TYO:JP:NIK) closing down 0.2%. http://www.marketwatch.com/story/us-stocks-futures-drop-on-last-day-of-july-trade-2014-07-31?dist=beforebell
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S&P 500 ekes out gains as Fed calms rate-hike fears Twitter jumps
NEW YORK (MarketWatch) — U.S. stocks finished a choppy session slightly higher, as the Federal Reserve appeared to soothe fears that it might start raising interest rates sooner than anticipated.
The Fed on Wednesday said the economy is improving but emphasized that significant slack remains in the labor market. The central bank gave no hint of timing of the first rate hike and repeated that it expects that to come a “considerable time” after the end of its bond-buying program.
The S&P 500 (SNC:SPX) closed up less than a point at 1,970.08. The Dow Jones Industrial Average (DJI:DJIA) finished off session lows, but with a loss of 31.75 points, or 0.2% to 16,880.36.
The Nasdaq Composite (NASDAQ:COMP) added 20.20 points, or 0.5%, to 4,462.90 as tech stocks took their cue from New York Stock Exchange-listed Twitter Inc., which soared on stellar results.
Karyn Cavanaugh, senior market strategist at Voya Investment Management, said stronger-than-expected ecpnomic growth in the second quarter, announced ahead of the opening bell, confirmed that the contraction in the first quarter was a fluke.
“The economy is growing, we are adding jobs, consumer confidence is better and even the housing market, despite what other people say is growing, albeit at a slower pace. In this economic environment companies are able to grow their earnings even more, which bodes well for markets,” Cavanaugh said.
The U.S. economy sprang back to life in second quarter and expanded at the fastest pace since last fall, fueled by a upturn in consumer spending on big-ticket items such as cars and trucks as well as a sharp rebound in business investment. Separately, private-sector hiring slowed down slightly in July but remained healthy and broad-based.
But investors initially sold stocks on fear that the stronger economy could mean the Fed will raise rates sooner. http://www.marketwatch.com/story/us-markets-futures-up-with-twitter-gdp-fed-in-focus-2014-07-30
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Gold drops after U.S. economic growth tops forecasts
SAN FRANCISCO (MarketWatch) — Gold prices continued to pull back Wednesday as a stronger-than-expected report on the U.S. economy dampened demand for safety plays.
Gold for August delivery (CNS:GCQ4) fell for a second day, dropping $3.40, or 0.3%, to settle at $1,294.90 an ounce, while September silver (CNS:SIU4) edged up a penny to $20.60 an ounce.
The U.S. economy expanded at a 4% annual pace in the second quarter, stronger than economists had forecast and a sign that the economy has recovered from the unusually harsh winter.
Soon after gold prices settled, the Federal Reserve said it is cutting its bond-buying stimulus program by $10 billion a month, as expected. But the central bank said it still sees “significant” slack in the U.S. labor market that warrants keeping money easy for months to come. http://www.marketwatch.com/story/gold-drops-after-us-economic-growth-tops-forecasts-2014-07-30
U.S. stocks open higher after strong GDP report
Twitter, Garmin jump; Fed due later
NEW YORK (MarketWatch) — The U.S. stock market opened higher on Wednesday, after the government reported the economy grew much faster in the second quarter than Wall Street had expected.
Tech stocks were shining amid a buying frenzy in Twitter Inc. (NYSE:TWTR) after the social media network’s results blew past analysts’ forecasts. The Nasdaq Composite (NASDAQ:COMP) rose 29 points, or 0.6%, to 4,470.97 at the open. http://www.marketwatch.com/story/us-markets-futures-up-with-twitter-gdp-fed-in-focus-2014-07-30
U.S. economy grew preliminary 4% in second quarter
WASHINGTON (MarketWatch) - The U.S. economy grew by a 4% annual pace in the second quarter, bouncing back from a revised 2.1% decline in the first three months of the year, according to a preliminary government estimate. Economists polled by MarketWatch predicted GDP would grow by a seasonally adjusted 3.2%. Consumer spending, the main source of economic activity, accelerated to show a solid 2.5% gain after a meager 1.2% rise in the first quarter. Bigger stock dividends helped to boost inflation-adjusted disposable income by 3.8% and undergird the upturn in spending, mainly on durable goods such as cars and trucks. Also adding to U.S. growth was a pickup in construction spending, increased business investment, a bigger buildup in inventories and slightly higher government spending, the Commerce Department said Wednesday. The increase in inventories was valued at $93.4 billion vs. a $35.2 billion increase in the first quarter. The only significant drag on second-quarter growth was net exports. Imports rose a faster 11.7% compared to a 9.5% advance in exports
Economy shrugs off winter blahs, speeds up
Second-quarter U.S. growth likely to top 3% after 2.9% plunge, analysts say
WASHINGTON (MarketWatch) — Remember that 2.9% plunge in U.S. growth during an unusually blustery first quarter? Well, forget about it. The economy warmed up in the spring and shows few signs of any chill.
Analysts polled by MarketWatch predict gross domestic product expanded by 3.1% the second quarter. The economy was bolstered by strong auto sales, a snapback in home construction, more business investment and a bigger buildup in inventories, economists say.
Economists also expect a sharp upturn in hiring and rising demand for American-made goods and services to keep the U.S. humming at a 3%-plus growth pace in the second half of the year.
The Bureau of Economic Analysis will issue a preliminary estimate of second-quarter growth on Wednesday morning. At the same time, the government will revise growth figures since 2011 as part of an regular overhaul in how GDP is calculated. http://www.marketwatch.com/story/economy-shrugs-off-winter-blahs-speeds-up-2014-07-29?dist=beforebell
U.S. markets: Futures up with Twitter, GDP, Fed in focus
ADP employment data will also give clues to jobless levels
MADRID (MarketWatch) — Stock futures moved higher on Wednesday ahead of data expected to show growth in the U.S. economy, and the outcome of the Federal Reserve’s meeting.
Tech stocks were already shining as shares of Twitter Inc. (NYSE:TWTR) surged in heavy premarket volume after the social media network’s results beat Wall Street forecasts. Futures for the Nasdaq-100 index (GLC:NDU4) rose 11.25 points, or 0.2%, to 3,960.75.
The earnings list for Wednesday includes Phillips 66 and Sprint, while Amgen could get a premarket boost on the heels of results.
Futures for the Dow Jones Industrial Average (CBE:DJU4) gained 30 points to 16,875, while those for the S&P 500 index (GLC:SPU4) rose 3.9 points to 1,966.90.
Economic news and data will drop in focus for investors on Wednesday. First up will be ADP’s employment report for July, which comes ahead of Friday’s bigger nonfarm payrolls data. Data from ADP, the nation’s biggest processor of company checks for employees, comes at 8:15 a.m. Eastern Time.
At 8:30 a.m. Eastern, investors will get a first look at second-quarter gross domestic product data, which is forecast to expand 3.2%. That would mark a snapback from a shocking 2.9% plunge in the first quarter, driven by extremely cold weather. First-quarter growth figures will also be revised, and that initial sharp drop could turn out to be smaller than expected.
“If the U.S. falls short of expectations here, it may suggest that the impact of the first quarter slowdown has stretched beyond the quarter itself and had an impact on the overall recovery,” said Craig Erlam, market analyst at Alpari UK, in a note. The only silver lining to signs of a deeper slowdown are that it could delay the first rate hike, expected as early as the first quarter of next year, he said.
The Fed will release a policy decision at 2 p.m. Eastern Time. Economists expect the central bank to reduce the monthly pace of its bond purchases by another $10 billion to $25 billion, and signal that it intends to end QE3 in October. Markets will be glued to the Fed’s statement, though, to see if there’s any hint that the first interest-rate hike from the Fed could come sooner than expected or that rates could go up faster than anticipated. http://www.marketwatch.com/story/us-markets-futures-up-with-twitter-gdp-fed-in-focus-2014-07-30?dist=beforebell
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U.S. stocks end choppy trade lower
S&P 500, Dow close at session lows after E.U. and U.S. agree on new sanctions
NEW YORK (MarketWatch) — U.S. stocks ended Tuesday’s choppy trading session lower, as investors turned cautious after the EU announced a new round of sanctions against Russia for its role in Ukraine’s deadly civil war.
The European Union and the U.S. on Tuesday extended sanction over Eastern Ukraine violence. The E.U. agreed to place sanctions on broad sectors of the Russian economy, EU diplomats said, marking a significant escalation of the bloc’s response to allegations that Moscow is fueling violent conflict in eastern Ukraine.
Better-than-expected earnings and upbeat consumer confidence data sent the Dow Jones Industrial Average above 17,000 and the S&P 500 near its record closing level, but gains soon petered out.
The S&P 500 (SNC:SPX) closed 5.2 points, or 0.3%, lower at 1,973.10. The Dow Jones Industrial Average (DJI:DJIA) ended 38 points, or 0.4%, lower at 16,943. The Nasdaq Composite (NASDAQ:COMP) finished 2 points lower at 4,451.06.
Anthony Valeri, investment strategist at LPL Financial said investors are focused on GDP, ISM and the jobs data to be released in the coming days.
“The FOMC statement is unlikely to change from the previous one and there will be no press conference. If the economy continues to improve, we expect companies to grow their revenues and earnings. We also expect the market to continue a slow grind higher by the year-end,” Valeri said.
Tuesday’s economic news had little impact on markets. Consumer confidence index jumped unexpectedly to 90.9 in July, the highest since October 2007.
Separately, a report from the Case-Shiller 20-city composite index showed U.S. house prices rose in May, with every city showing gains. Prices fell on a seasonally adjusted basis, however. Year-over-year growth also slowed down.
Data released Monday showed pending U.S. homes sales fell 1.1% in June, the first decline in four months. That report “confirmed Fed Chair Yellen’s remarks before the Senate Banking committee earlier this month about the overall slowdown in the housing sector,” wrote Marshall Gittler, head of global FX strategy at IronFX, on Tuesday.
Yellen will lead monetary policy makers in their two-day meeting that started Tuesday morning. http://www.marketwatch.com/story/us-stocks-futures-decline-before-confidence-report-2014-07-29
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Gold slips as data fuels expectations of tighter policy
SAN FRANCISCO (MarketWatch) — Gold prices retreated Tuesday to settle below $1,300 as better-than-expected U.S. economic data bolstered expectations of a tighter monetary policy from the Federal Reserve.
Gold for August delivery (CNS:GCQ4) dropped $5, or 0.4%, to $1,298.30 an ounce. September silver (CNS:SIU4) fared better, edging up 2 cents, or 0.1%, to $20.58 an ounce.
The consumer confidence index climbed to 90.9 in July from 86.4 in June, marking the highest level since October 2007, the Conference Board. Economists surveyed by MarketWatch had expected the index to slip to 85.0.
A day earlier, gold prices were caught between gains in the U.S. stock market and still-bubbling geopolitical tensions to finish in flat territory. http://www.marketwatch.com/story/gold-holds-tight-range-as-data-pile-up-2014-07-29
U.S. stocks open higher; Dow above 17,000
Merck, Pfizer rise after results, UPS falls on missing expectations
NEW YORK (MarketWatch) — U.S. stocks opened higher Tuesday with modest gains pushing the Dow Jones Industrial Average above 17,000, thanks to prices gains in Merck & Co and Pfizer Inc following better-than-expected quarterly results. http://www.marketwatch.com/story/us-stocks-futures-decline-before-confidence-report-2014-07-29
Consumer confidence hits highest level since October 2007
WASHINGTON (MarketWatch) - The U.S. consumer confidence index jumped to 90.9 in July, marking the highest level in seven years, from a revised 86.4 in June, the Conference Board said Tuesday. Economists polled by MarketWatch had expected the index to slip to 85.0. In July, the present situation index, a measure of current conditions, rose to 88.3 from 86.3. The future expectations index climbexc to 92.7 from 86.4. "Strong job growth helped boost consumers' assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations," said Lynn Franco, director of economic indicators at the board. "Recent improvements in consumer confidence, in particular expectations, suggest the recent strengthening in growth is likely to continue into the second half of this year."
AXCG .0011 News! Eyes on the Go Hits Another Traffic Record in June With 15.5 Million Visitors, a 58% Increase Over May and Forecasts 2nd Quarter Revenue up 50% Over Prior Quarter Marketwire "Press Releases"
NEW YORK, NY -- (Marketwired) -- 07/29/14 -- Eyes on the Go, Inc. (OTCQB: AXCG) ("Eyes"), a virtual broadcasting company with a proprietary video streaming network providing live and recorded content from top New York City nightlife venues, released today that total internet traffic across all web properties totaled over 15.5 million visitors in June. Visitors viewed over 38 million pages of content over the period. This represents a 1700% increase for the first half of the year compared to the year ending 2013 with 853,000 visitors.
The Company forecasts that revenue for the 2nd quarter ending June 30, 2014 will be up almost 50% from the 1st quarter in 2014 and almost 2,000% from the same quarter last year.
The huge increases are coming from a number of contributors. The Company continues to add more venues and great content, in addition to the contribution from artists and venues through digital marketing and social media contact programs. The audience is coming from all over the world, but principally the US. Individual venues are seeing between 1 million and 2 million visitors each month, significantly adding to awareness and cache with viewers.
"It's really amazing how much traffic we are able to bring to our venue clients. We are typically bringing ten times the exposure to a venue compared to their existing marketing efforts. We are also exposing the performers to a nationwide audience, with thousands and thousands of viewers for each show without any cost to the artist! The marketing and exposure has a monumental return for all customer groups. We continue to see increased interest from advertisers for our content and consumer base which is leading to more display and video ad placements," remarked Mary Carey , the Chief Operating Officer for Eyes on the Go .
AXCG .0011 News! Eyes on the Go Hits Another Traffic Record in June With 15.5 Million Visitors, a 58% Increase Over May and Forecasts 2nd Quarter Revenue up 50% Over Prior Quarter Marketwire "Press Releases"
NEW YORK, NY -- (Marketwired) -- 07/29/14 -- Eyes on the Go, Inc. (OTCQB: AXCG) ("Eyes"), a virtual broadcasting company with a proprietary video streaming network providing live and recorded content from top New York City nightlife venues, released today that total internet traffic across all web properties totaled over 15.5 million visitors in June. Visitors viewed over 38 million pages of content over the period. This represents a 1700% increase for the first half of the year compared to the year ending 2013 with 853,000 visitors.
The Company forecasts that revenue for the 2nd quarter ending June 30, 2014 will be up almost 50% from the 1st quarter in 2014 and almost 2,000% from the same quarter last year.
The huge increases are coming from a number of contributors. The Company continues to add more venues and great content, in addition to the contribution from artists and venues through digital marketing and social media contact programs. The audience is coming from all over the world, but principally the US. Individual venues are seeing between 1 million and 2 million visitors each month, significantly adding to awareness and cache with viewers.
"It's really amazing how much traffic we are able to bring to our venue clients. We are typically bringing ten times the exposure to a venue compared to their existing marketing efforts. We are also exposing the performers to a nationwide audience, with thousands and thousands of viewers for each show without any cost to the artist! The marketing and exposure has a monumental return for all customer groups. We continue to see increased interest from advertisers for our content and consumer base which is leading to more display and video ad placements," remarked Mary Carey , the Chief Operating Officer for Eyes on the Go .
Eyes on the Go Hits Another Traffic Record in June With 15.5 Million Visitors, a 58% Increase Over May and Forecasts 2nd Quarter Revenue up 50% Over Prior Quarter Marketwire "Press Releases"
NEW YORK, NY -- (Marketwired) -- 07/29/14 -- Eyes on the Go, Inc. (OTCQB: AXCG) ("Eyes"), a virtual broadcasting company with a proprietary video streaming network providing live and recorded content from top New York City nightlife venues, released today that total internet traffic across all web properties totaled over 15.5 million visitors in June. Visitors viewed over 38 million pages of content over the period. This represents a 1700% increase for the first half of the year compared to the year ending 2013 with 853,000 visitors.
The Company forecasts that revenue for the 2nd quarter ending June 30, 2014 will be up almost 50% from the 1st quarter in 2014 and almost 2,000% from the same quarter last year.
The huge increases are coming from a number of contributors. The Company continues to add more venues and great content, in addition to the contribution from artists and venues through digital marketing and social media contact programs. The audience is coming from all over the world, but principally the US. Individual venues are seeing between 1 million and 2 million visitors each month, significantly adding to awareness and cache with viewers.
"It's really amazing how much traffic we are able to bring to our venue clients. We are typically bringing ten times the exposure to a venue compared to their existing marketing efforts. We are also exposing the performers to a nationwide audience, with thousands and thousands of viewers for each show without any cost to the artist! The marketing and exposure has a monumental return for all customer groups. We continue to see increased interest from advertisers for our content and consumer base which is leading to more display and video ad placements," remarked Mary Carey , the Chief Operating Officer for Eyes on the Go .
Aetna, Merck, Pfizer are stocks to watch Tuesday
Herbalife posts disappointing results http://www.marketwatch.com/story/aetna-merck-pfizer-are-stocks-to-watch-tuesday-2014-07-29
U.S. stocks: Futures decline before confidence report
UPS, Merck results on tap
LONDON (MarketWatch) — U.S. stock futures indicated a slightly lower open for Wall Street Tuesday, ahead of reports expected to show some slowing in U.S. housing prices and confidence among U.S. consumers.
The market will also assess a round of quarterly results from the health sector, including Aetna Inc. and Merck & Co.
A snapshot of consumer confidence from the Conference Board is due at 10 a.m. Eastern . The reading is expected to fall to 85.0 in July, after a jump in June to the index’s highest level in six and a half years. Confidence still remains well below pre-recession levels.
On tap at 9 a.m. Eastern is the Case-Shiller home price index for May, and that’s likely to show the cost of buying a home has tapered off after a significant runup last year.
Data released Monday showed pending U.S. homes sales fell 1.1% in June, the first decline in four months. That report “confirmed Fed Chair Yellen’s remarks before the Senate Banking committee earlier this month about the overall slowdown in the housing sector,” wrote Marshall Gittler, head of global FX strategy at IronFX, on Tuesday.
Yellen and her fellow monetary policy makers will begin their two-day policy meeting Tuesday afternoon.
Ahead of the opening bell, health insurer Aetna AET +1.71% is expected to report second-quarter earnings of $1.59 a share on revenue of $13.99 billion.
Drug maker Merck & Co. MRK -0.31% is likely to post per-share earnings of 81 cents, on $10.6 billion in revenue.
Pharmaceutical company Pfizer Inc. PFE +0.10% is seen reporting earnings of 57 cents a share on $12.47 billion in revenue.
Logistics company United Parcel Service Inc. UPS -0.16% is forecast to report $1.25 a share in earnings on sales of $14.12 billion.
Investors will also keep watch for any update about further sanctions that may be imposed against Russia by the European Union related to its conflict with Ukraine.
After the regular session ends, Twitter Inc. TWTR +0.40% is slated to release second-quarter results. http://www.marketwatch.com/story/us-stocks-futures-decline-before-confidence-report-2014-07-29
Gold holds tight range as data pile up
LONDON (MarketWatch) — Gold prices maintained their sideways action on Tuesday, moving just a fraction higher ahead of this week’s flood of economic data.
Gold for August delivery GCQ4 +0.26% was up $4.60, or 0.4%, to $1,305.30 an ounce. September silver SIU4 +0.57% fared better, up 18 cents, or 0.9%, to $20.75 an ounce.
A day earlier, gold prices were caught between gains in the U.S. stock market and still-bubbling geopolitical tensions to finish in flat territory.
Walter de Wet of Standard Bank says speculation is running high in gold, silver and platinum.
“While the futures market is likely to drive the metal price only in the short term (with fundamental factors driving the price in the long run), it does indicate to us that, given the large speculative long position already present in these metals, their prices are likely to struggle to regain upward momentum,” he wrote. http://www.marketwatch.com/story/gold-holds-tight-range-as-data-pile-up-2014-07-29
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U.S. stocks eke out small gains
Family Dollar Stores soars after takeover bid from Dollar Tree
NEW YORK (MarketWatch) — The U.S. stock market ended Monday’s choppy trading session mostly higher as investors weighed soft housing data against a flurry of deal news, including the takeover of Family Dollar Stores Inc. by Dollar Tree Inc.
Sales of existing homes in June fell, marking the first decline in four months. Later this week, the pace of data speeds up as investors will get second-quarter gross domestic product, a Fed decision and July payrolls among other economic items of importance.
“We are not shocked with the home sales numbers because demographic trends are underpinning those numbers. A much higher proportion of young people is living with their parents, as they are weighed down by student debt and stagnant wages,” said Patty Edwards, managing director and portfolio manager at US Bank Wealth Management.
“Still, the economy is slowly improving and we expect companies to continue to grow their earnings. This market is more and more earnings driven and we are watching softer revenue growth, though no alarm bells are going off yet,” she added. http://www.marketwatch.com/story/us-stocks-futures-dip-as-busy-data-week-begins-2014-07-28
Gold flat as geopolitical worries offset stock gains
SAN FRANCISCO (MarketWatch) — Gold futures closed unchanged on Monday, hemmed in between geopolitical turmoil and moderate gains in the U.S. stock market.
Gold for August delivery (CNS:GCQ4) was flat at $1,303.30 an ounce. September silver (CNS:SIU4) slid 7 cents, or 0.3%, to $20.57 an ounce.
“In view of the numerous geopolitical risks — fighting has increased again recently in the east of Ukraine, for example, and the cease-fire in the Gaza Strip failed to hold — gold is clearly in greater demand again as a safe haven,” wrote Eugen Weinberg, head of commodity research at Commerzbank in Frankfurt.
“However, because physical demand in China and India, the two most important gold markets, is subdued at present, the latest price rises were doubtless attributable above all to short-term-oriented market participants,” he said.
Gold pushed back above $1,300 an ounce Friday but still posted its second consecutive weekly loss. http://www.marketwatch.com/story/gold-tilts-higher-as-geopolitical-worries-rise-2014-07-28?link=MW_home_latest_news