Photo: By trackrecord on flickr
Yesterday stocks finally tanked after a ridiculously strong run. The world nervously awaited the followup act.But first, the scoreboard:
S&P 500: -2.31
And now the top stories:
- As a quick refresher, yesterday stocks finally slid yesterday, ending a ridiculously strong run. That carried through to China, which, after posting basically in-line economic numbers, ended up tanking pretty hard to end the day. It was a rough night in Asia, as inflation fears continue to mount. Even Stephen Roach is starting to get nervous about China >
- Also yesterday, we got some big name tech earnings. Big-time momentum stock F5 Networks crashed after mediocre numbers. On the other hand eBay gained after its report.
- In Europe things were fairly quiet. Just more chattering about restructuring and debt and all that stuff, without any notable developments.
- US futures were actually pointing a little bit higher in the morning. Strong earnings from Morgan Stanley seemed to help things.
- The economic data was also pretty good today. Initial jobless claims dived more than expected. Existing home sales came in way better than expected for December. But that wasn’t the focus of the day.
- The talk today was all inflation, inflation, inflation. Would the inflation numbers from overseas soon invade US borders? Bonds got crushed on the news. Food stocks, like David Tepper’s famous Dean Foods, surged, on hopes they may finally have some pricing power.
- Meanwhile, Apple slid again, and a day after announcing a huge order from China, Boeing announced 1000 layoffs. Meanwhile, the idea that gold and silver make for good hedges was thrown out the window. They both got hammered. Google reports earnings after the bell, so that will be closely watched.
- As for housing, check out 13 cities where buying a home now is a terrible idea >