< Back to News

Market News

European Markets


European markets are called to open negative this morning.


Asian Markets

Asian stocks fell, with the regional benchmark index heading for the biggest two-day loss since March 15, after U.S. lawmakers failed to agree on cutting the deficit and concern increased that Greece’s debt crisis may spread to bigger European nations, risking earnings at financial companies.


US Markets


U.S. stocks sank Monday as investors got spooked by worries that Europe’ debt crisis could spread to Italy, one of Europe’ largest economies.

The Dow Jones industrial average sank 152 points, or 1.2%, to close at 12,505. The S&P 500 fell 24 points, or 1.8%, to 1,319; and the Nasdaq Composite fell 57 points, or 2%, to 2,803.


Events this week

Tuesday – Investors will get the U.S. trade balance figures for May in the morning. Economists surveyed by Briefing.com expect the U.S. posted a $44 billion trade deficit in May, slightly wider than the $43.7 billion deficit for April.

Minutes from the Federal Reserve’ Federal Open Market Committee meeting from June are also due out in the afternoon.

Wednesday – The Energy Department’ weekly oil inventories report comes out in the morning.

Fed chairman Ben Bernanke will also begin his semiannual testimony to Congress about monetary policy and the economy on Wednesday. Bernanke will appear before the Committee on Financial Services of the House of Representatives.

In earnings, fast food company Yum! Brands as well as hotel chain Marriott will report their earnings after the closing bell.

Thursday – JPMorgan Chase reports its second-quarter results before Thursday’ opening bell, with analysts expecting the commercial banking giant to have earned $1.21 a share according to Thomson Reuters.

There are several economic reports out Thursday morning. The Labor Department will issue its weekly jobless claims report and its June producer price index report, also known as wholesale inflation. The Commerce Department issues its reports on June retail sales as well.

Economists forecast that weekly jobless claims held mostly steady at 419,000 claims, up 1,000 from last week. Retail sales are expected to fall 0.2% for June and the producer price index is expected to fall 0.3%.

Bernanke’ testimony to Congress continues, with the Fed chairman appearing before the Senate’ Committee on Banking, Housing, and Urban Affairs.

After the bell, Internet search giant Google will report its quarterly results. Analysts expect that Google earned $7.86 a share.

Friday – The Labor Department releases its June consumer price index data, the nation’ most common read of inflation, in the morning. Economists are looking for CPI to fall 0.1% versus the 0.2% rise reported in May.

Investors will also get June industrial production figures, the July reading on the University of Michigan consumer sentiment index and the Empire State Manufacturing Index.

Citigroup and toy maker Mattel are slated to report their latest quarterly results in the morning as well.