The market is having everything thrown at it right now: Bad Cisco earnings, spending cuts, a weird premature earnings release from Disney, dollar strength, and really the selling was pretty unimpressive. So, victory goes for the bulls.
But first, the scoreboard:
S&P 500: -5
And now, the top stories:
- The day obviously started yesterday just after 4:00 PM ET, which Cisco dropped a whopper of a bad earnings report on the market, sending its stock down 16%. That seemed like it might deliver a roundhouse kick to the broader market as a whole, and instantly NASDAQ futures plunged after hours.
- But the overnight scene was not so horrible, really. Thanks to dollar strength (and thus Yen weakness) the Nikkei actually rose a bit.
- In Europe the scene was more Irish panic. Yields are getting very close to 9%, and chatter about a bailout is growing louder.
- Thanks to the Veterans Day holiday, it was a quiet day in the US. There was no macro news, and the bond market was closed. The key thing is that the Cisco news just didn’t clobber the rest of the market. Yes, stocks fell, mostly the NASDAQ. But the selling wasn’t that intense in the other major indices.
- Just a few minutes before the closing bell, Disney accidentally released earnings early and the stock slid, but really the impact on teh broader market was muted.