Earnings And Economic Data Send Stocks Into A Coma: Here's What You Need To Know

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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:

Dow: +14
S&P 500: -0.86
NASDAQ: -7.6

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.

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