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Market News

European Markets

European markets are called to open negative this morning.

Asian Markets

Asian commodity stocks fell, with the regional index set for its first weekly decline in four, after Standard & Poor’s said it may cut the U.S.’s credit rating and the Federal Reserve ruled out immediate further bond purchases, driving down oil and metal prices yesterday.

US Markets

U.S. stocks fell Thursday after Federal Reserve chairman Ben Bernanke said that the central bank may not be as willing to move on further stimulus as previously thought.

The Dow Jones industrial average slipped 54 points, or 0.4%, to end at 12,437. Shares of Alcoa, DuPont and Boeing were the biggest drags on the blue chip index.

Meanwhile, JPMorgan was the best performer on the Dow, rising roughly 2%, after reporting quarterly income and revenue that topped estimates. But the bank also said that it sees additional costs for resolving mortgage issues.

The S&P 500 fell 9 points, or 0.7%, to 1,309; and the Nasdaq Composite lost 34 points, or 1.2%, to 2,763.

Bernanke, in his comments to the Senate Banking Committee Thursday, said the central bank is “not prepared at this point to take further action,” regarding further monetary stimulus.

That’ a step back from previous comments Bernanke made on Wednesday, when he said the Fed could step in to support the economy through another round of quantitative easing, if the U.S. economy would need it.


Events this week

Friday — Bank stress tests out today.

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.