You won’t see many days like that, with so much news early on, and so little for shit in the final tally.
But first, the snoozy scoreboard:
S&P 500: -0.86
And now, the day’s top stories:
- Things got started unusually, at least on the domestic (US) news front, when BP released earnings at 2:00 AM ET. The company obviously lost a ton of money, and confirmed that CEO Tony Hayward was a goner. In truth, the report wasn’t that bad.
- The early hours also a smattering of decent earnings. SAP, UBS, and especially DuPoint, also came in strong, providing a lift to the bulls in early going.
- But then the macro data came, and the good cheer went out the door. The Case-Shiller (housing), consumer sentiment, and Richmond Fed, all turned out to be disappointing.
- Probably the biggest story of the day, from a markets perspective, was gold, which got hammered pretty badly, trading below $1160/oz. at several times throughout the day. The gold miners got hit harder.
- At one point the euro was sitting pretty above $1.30, but was not able to hold that level.