Wall Street rose in mid-day trade on Monday after McDonald's Corporation (NYSE: MCD) reported weaker-than-expected second-quarter earnings, sending shares falling.
The world's largest restaurant chain issued second-quarter earnings of $1.38 per share on revenue of $7.08 billion, missing forecasts of $1.40 per share on revenue of $7.10 billion. Shares of McDonald’s were down 2.59 percent to $97.67.
Keith Bliss, senior vice president and director of sales & marketing at Cuttone & Co., Inc., discusses this week’s economic calendar, including housing data and durable goods orders released later in the week.
Existing home sales fell in June, missing analysts’ forecasts, as the National Association of Realtors said on Monday home sales fell 1.2 percent to an annual rate of 5.08 million units. Economists had expected sales to rise to a 5.25 million unit pace in June, according to Reuters.
Data last month showed orders for U.S. durable goods rose more than expected in May, as orders increased 3.6 percent, the Commerce Department said. Economists polled by Bloomberg expect durable goods orders for June to increase 1.5 percent. Excluding transportation, orders are expected to increase 0.6 percent, down from 0.7 percent the previous month.
Ahead on the earnings calendar, Apple Inc. (Nasdaq: AAPL) is expected to report third-quarter earnings of $7.30 per share on revenue of $35.09 billion on Tuesday, according to analysts polled by Reuters, compared with a profit of $9.32 per share on revenue of $35.02 billion in the year-ago period.
As of 1:20 p.m. Eastern Time, the Dow Jones industrial average gained 1.04 points, or 0.01 percent, to 15,544.78. The S&P 500 rose 2.26 points, or 0.13 percent, to 1,694.39. The Nasdaq Composite was up 8.77 points, or 0.24 percent, to 3,596.41.