Today the big action was all in the US bond market, with some weird action in gold and stocks thrown in for good measure:But first, the scoreboard:
S&P 500: +1
And now, the top stories:
- Once again, we had a very quiet night in Asia and Europe. Chinese stocks rose modestly. Nothing too big.
- Europe was also pretty quiet. We’d almost say the quietness is eerie.
- US futures were modestly higher in the very early going, but the show really got going at 8:00 AM ET when Best Buy laid a monster egg of an earnings report, missing on EPS, missing on revenue, lowering its guidance, and warning of decreased market share. Wal-Mart and Amazon are eating the company’s lunch. But is this a one-off?
- At 8:30 AM ET we got the answer: Best Buy was kind of a one-off. November retail sales smashed expectations. But the electronics sector was also pretty poor. So Best Buy was consistent with the sector, but not reflective of weak consumer spending. Stocks rebounded nicely. Also at 8:30 we got the PPI, which was pretty hot, raising the stakes on the CPI tomorrow. Click here for more on the collapse of the electronics industry >
- After that things were pretty quiet. Stocks quietly drifted higher, while the bond plunge continued.
- Then at 2:15 we got the FOMC report, which was not expected to produce many fireworks. And there was no real change in the report at all. But after a bit of a stutter the bond market did react sharply, with another huge leg down in Treasuries across the curve. Gold also tanked at the same time. And then eventually the stock market gave in, and we ended up with the mixed result we got.
- All eyes on tomorrow’s CPI!
- Click here to see the 13 best stocks in the S&P this year >
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