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

larry summers sleeping tbi

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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