Daily Outlook - July 22

Ben Bernanke to speak a second day on monetary policy
The fed Governor Ben Bernanke will today at 10am EST deliver semi-annual monetary policy testimony to House Financial Services Committee in Washington for the second day. The Fed Chairman will comment on how the Fed observes the current U.S. economy and the value of dollar. Bernanke's comments may influence the volatility of the currency and determine a short-term positive or negative trend. His hawkish view is considered as positive, or bullish for the USD, whereas his dovish view is considered as negative or bearish for the Dollar.

Earnings Watch:

Stocks to watch today include some of the biggest movers in early trading.

Among the early gainers are SanDisk Corp., which posted a 2.25 pct gain in its shares. U.S. Bank Corp was up 2.24 pct.

The biggest decliners included several banks, with Wells Fargo & Co. down 6.98 pct, Bank of new York Mellon Corp. down 6.49 pct and Whirlpool Corp down 6.12 pct. while Morgan Stanley was down 5.5 pct.

Gainers in early trading at 9:45 a.m. EST:
SNDK SanDisk Corp. – up 2.25 pct
USB U.S. Bancorp – up 2.24 pct
PFE Pfizer – up 0.83 pct
BA The Boeing Company – up 0.27 pct
NTRS Northern Trust – up 0.07 pct
EFX Equifax Inc. – up 0.25 pct

WFC Wells Fargo & Company – Down 6.98 pct
BK Bank of New York Mellon Corp – down 6.49 pct
WHR Whirlpool Corporation – down 6.12 pct
MS Morgan Stanley – Down 5.5 pct
DPZ Domino's Inc. – down 4.54 pct
KEY KeyCorp – down 3.94 pct
STI SunTrust – down 1.45 pct
DAL Delta Air Lines, Inc down 0.99 pct
PEP PepsiCo – down 0.98 pct
ETFC E*TRADE Financial Corp. – down 0.78 pct
MO Altria Group, Inc. – down 0.46 pct
EBAY eBay –down 0.58 pct
LLY Eli Lilly – down 0.44 pct

Housing price index to be released
The Housing Price Index will be released at 10am EST today by the Office of Federal Reserve Housing Enterprise Oversight. The index provides an estimated value of housing market conditions. It is an important indicator as the housing market is considered as a sensitive factor to the US economy.

Deadline for Thomson debt restructuring plans
French technology group Thomson must meet a deadline to finalize its debt restructuring plans or face bankruptcy. The debt-swamped French media services group, on Tuesday said the sale of its Grass Valley subsidiary would be finalized by the end of 2009, as part of a drastic cost-cutting plan to save the company from bankruptcy.