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July 16, 2013 -- 8:30 a.m. ET - 07/16/13

U.S. equity futures are signaling a flat open. The Dow and S&P 500 Index are less than 0.1% below fair value. The NASDAQ is gaining nearly 0.1% in early action. Stocks are searching for direction as investors digest economic data and earnings results. The consumer price index climbed by 0.5% in June as gasoline prices rose, marking the biggest advance in four months. Other data is due out after the open. Industrial production is expected to advance by 0.3% in June after stagnating in the previous month and the NAHB housing market index is anticipated to tick lower after hitting its highest level since 2006 in June. European data is also garnering attention. Euro zone exports fell in May for the second straight month while imports also declined. In addition, German investor confidence unexpectedly dropped in July for the first time in three months. Earnings are also in focus. Goldman Sachs second-quarter net income doubled thanks to strong trading revenue while Johnson & Johnsons earnings and revenue topped consensus estimates. On the downside, Coca-Cola posted a 4% drop in its second-quarter profit due to weak European sales. In fixed-income, Treasuries are toggling between gains and losses. The 10-year note is up 1/32 to yield 2.53% and the 30-year bond is gaining 2/32 to yield 3.59%.
Benjamin J. Chuckrow
Senior Vice President
Branch Manager
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Tel: 518-581-5049
Fax: 518-581-5055
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.


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