It could have been worse, true, but it was still a pretty uninspired performance from the bulls today.
But first, the scoreboard:
S&P 500: -5
And now, the top stories of the day:
- The “day” really started at 4:01 PM ET on Wednesday, when Cisco came out with mediocre earnings, and a mediocre outlook. The normally cocksure CEO John Chambers delivered a rambling conference call replete with all kinds of wishy-washy Fed-speak about uncertainty. The stock tanked after hours, as did futures
- The pain continued early on in Japan, with the Nikkei sliding by 2% at one point.
- But markets came back. Whispers about a Yen intervention by the BOJ helped depress the yen (a little) and create a comeback in equities. But there was no intervention and things drifted back. In Europe, some solid earnings did help matters.
- US futures had a bit of a comeback until the initial claims data at 8:30 confirmed that things are indeed getting worse on the jobs front.
- Beyond the stock move, today saw notable strength in gold, and weakness in the euro, as all the old sovereign debt fears seem to be raging back.
Business Insider Emails & Alerts
Site highlights each day to your inbox.