July 15, 2013 -- 8:30 a.m. ET - 07/15/13
U.S. stock futures are indicating a higher open. The Dow, S&P 500 Index and NASDAQ are all about 0.2% above fair value. The major averages look poised to extend last weeks rally as investors digest a batch of mixed economic data. On our shores, retail sales increased by a less than projected 0.4% in June as demand weakened at building materials outlets and restaurants. A separate report showed manufacturing in the New York region unexpectedly expanded in July at the fastest pace in five months. After the open the business inventories report is due out at 10:00 a.m. ET which is anticipated to show a slowdown in May. Meanwhile in Asia, Chinas economy slowed in the second quarter to 7.5%, but matched market expectations. Earnings season is also in focus. Citigroup posted a 42% increase in second-quarter profit that topped analyst estimates thanks to a surge in stock-trading revenue. Notable profit tallies from Cintas and JB Hunt Transport Services are scheduled for release after the close tonight. On the M&A front, Leap Wireless is rallying over 116% in pre-market trading after announcing it agreed to be acquired by AT&T for about $1.2 billion. In fixed-income, Treasuries are paring last weeks rally. The 10-year note is down 1/32 to yield 2.58% and the 30-year bond is losing 10/32 to yield 3.65%.
Benjamin J. Chuckrow
Senior Vice President - Branch Manager
Wells Fargo Advisors, LLC | 37 Henry Street, Suite 201 | Saratoga Springs, NY 12866
Tel 518-581-5049 | Toll-free 800-581-5196 | Cell 518-316-3848 | Fax 518-581-5055
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