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Current Futures: Dow -43.00, S&P -5.50, NASDAQ -11.25
U.S. markets are posting relatively small declines, retracing some of the recent gains, as the companies expected to report on Monday, disappointed the market.
U.S. markets are retreating from the highest value touched since November 2008, as Verizon and Aetna Inc. reduced some of the strong optimism seen in the market. Moreover, the equity market is moving lower even though new home sales surged by 38K in June from one month earlier, reaching the highest value over the last seven months. The market’s poor reaction to the positive new home sales report is quite interesting, TheLFB-Forex.com Trade Team noted, since the decline seen in the housing market had a substantial contribution to the credit crisis.
Today was for the first time in two weeks since the S&P 500 headed lower, a time in which the index has surged more than 10%. Out of the 10 sectors represented in the U.S. stock market, the financial sector was the only one heading higher. As a note, the same pattern could have been observed during the overnight session, in the Asian and in the European cash markets. On the other hand, the technology sector was the worst performing, falling as much as 1%.
Crude oil and the other important commodities advanced throughout the first part of the day, but then began to retrace as the dollar advanced against the major currencies, including the euro. Treasuries continued to decline on Monday, as investors are preparing to absorb another huge auction debt. Yield on the 10-year note rose 5.3 basis points to 3.709%.
The Dow Jones Index fell 42.85 points (0.47%) to 9,050.39, while the S&P 500 index slipped 4.15 points (0.42%) to 975.11
Crude oil for August delivery was recently trading at $68.00 per barrel, higher by $0.10.
Gold for August delivery was recently trading higher by $0.40 to $958.20.
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