July 19, 2013 -- 8:30 a.m. ET - 07/19/13
U.S. equity futures are signaling a flat to slightly lower open. The Dow, S&P 500 Index and NASDAQ are all less than 0.1% below fair value. The major averages are in a holding pattern as investors digest earnings results in a session with no major economic data due out. Technology profit tallies continue to disappoint. Microsoft is down over 7% in pre-market trading after posting lower-than-anticipated earnings due to slow PC and tablet sales. Google is losing 3% before the opening bell after it also missed profit expectations as its advertising rates declined. On the upside, industrial conglomerates General Electric and Honeywell are gaining ground in early trading after both companies reported better-than-expected quarterly profits. Overseas action is also garnering attention. Chinas central bank said it will remove the floor on lending rates offered by the nations financial institutions in an effort to help stimulate growth. In addition, the start of a two-day G-20 meeting has finance chiefs focusing on a common strategy for how to manage stimulus efforts. Turning to commodities, WTI crude oil is trading near a 16-month high, gold is at its best price in more than three weeks and copper is up for a second day. In fixed-income, Treasuries are toggling between gains and losses. The 10-year note is flat to yield 2.53% and the 30-year bond is up 2/32 to yield 3.62%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
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.
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