Stocks Mixed in Busy Week for Earnings, Fedspeak: Markets Wrap - Yahoo Finance

(Bloomberg) -- A technology rally drove the Nasdaq-100 Index to a fresh record at the start of a busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed.

Gains in big tech companies offset a slide in energy shares and banks in the S&P 500 Index. Citigroup Inc., the first big U.S. bank to report results, fluctuated. After last week’s surge, Treasury 10-year yields dropped as investors bought bonds at cheaper prices. Oil fell below $60 a barrel.

Investors will sift through speeches by Fed officials this week after Chairman Jerome Powell left it all but certain that the central bank will reduce rates this month for the first time in a decade. As the July 30-31 meeting nears, the debate now is how deep they will cut and what will they do afterward. Key data points such as U.S. retail sales may provide more clarity as the earnings season gets under way.

“It’s very, very well advertised that earnings are expected to come out weaker,” said Jim Caron, managing director of global fixed-income at Morgan Stanley Investment Management. “If we connect this with the Fed and say, ‘OK, if the Fed is doing these insurance cuts to really stave off any real significant slowdown, then hey, you know what, then maybe earnings in the fourth quarter might be pretty good.”’

Profits are expected to drop from last year, making this season “the worst of times,” according to Bloomberg Intelligence analyst Gina Martin Adams. Eight of 11 sectors are forecast to post declines in per-share earnings growth, with analysts and companies cutting second-quarter views “to the bone,” she said.

Investors also assessed data showing that China’s economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the U.S., while monthly indicators provided signs that a stabilization is emerging.

Elsewhere, Bitcoin trimmed losses, following another weekend sell-off that saw some digital tokens plunge by more than 20%. Treasury Secretary Steven Mnuchin said Monday that the Trump administration has “very serious concerns” about Facebook Inc.’s proposed cryptocurrency Libra.

Here are some key events coming up:

JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.U.S. June retail sales, due Tuesday, are expected to rise from the prior month.Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:

Stocks

The S&P 500 Index dipped less than 0.1% to 3,012 as of 3:35 p.m. New York time.The Nasdaq-100 gained 0.3%.The Stoxx Europe 600 Index increased 0.2%.The MSCI Asia Pacific Index rose 0.3%.

Currencies

The Bloomberg Dollar Spot Index increased 0.1%.The euro declined 0.1% to $1.1257.The Japanese yen decreased less than 0.05%.

Bonds

The yield on 10-year Treasuries decreased three basis points to 2.09%Germany’s 10-year yield decreased four basis points to -0.25%.Britain’s 10-year yield dipped three basis points to 0.801%.

Commodities

The Bloomberg Commodity Index decreased 0.6% to 80.55.West Texas Intermediate crude decreased 1.1% to $59.58 a barrel.Gold climbed 0.2% to $1,415.30 an ounce.

(An earlier version corrected the name of Europe’s benchmark equity index.)

--With assistance from Adam Haigh, Joanna Ossinger, Samuel Potter, Todd White, Laura Curtis and Sarah Ponczek.

To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita Nazareth

For more articles like this, please visit us at bloomberg.com

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2019-07-15 19:39:00Z
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