Premarket, Futures are up as JNJ and KO report earnings this morning. Gainers include MAT, S, CMA, GS and MOS while losers include NBL, STT, CTAS, DV and APOL.
JNJ reported $1.30 per share excluding one time itmes and the market consensus was $1.29. Net earnings were $0.50 per share. Its shares are down premarket.
KO reported earnings of $1.21 per share with $1.19 expected. It shares are up premarket.
Later today, Bernanke will give his semi-annual monetary policy testimony before the Senate Banking Committee. Investors will be listening closely for any clues about whether the central bank is considering a third round of quantitative easing, expanding the money supply.
European stocks were mixed in afternoon trading and Asian markets ended higher.
The national average price of gasoline is up a cent today.
Earnings reports: JNJ-Johnson & Johnson (Consensus $1.29), KO-Coca-Cola (1.19), INTC-Intel (0.54), GS-Goldman Sachs (1.18), CSX-CSX Corp (0.47), MOS-Mosaic (1.15), STT-State Street (0.97), YHOO-Yahoo (0.23), SCHW-Schwab (0.18), OMC-Omnicom (1.01), HST-Host Hotels (0.13), MAT-Mattel (0.21), MTB-M&T Bank (1.69), FIS-Fidelity National (0.60), WYNN-Wynn Resorts (1.51), FRX-Forest Labs (0.26), AMTD-TD Ameritrade (0.26), KSU-Kansas City Southern (0.83), CMA-Comerica (0.62), ALB-Albemarle (1.22), EDU-New Oriental (0.14), CZZ-Cosan (0.13), URI-United Rentals (0.50), Equity Lifestyle (0.21).
0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.
0830 ET June CPI expected unchanged m/m and +1.6% y/y, May -0.3% m/m and +1.7% y/y. June core CPI expected +0.2% m/m and +2.2% y/y, May +0.2% m/m and +2.3% y/y.
0855 ET Redbook weekly retailer sales.
0915 ET June industrial production expected +0.3% m/m, May -0.1% m/m. June manufacturing production, May -0.4% m/m. June capacity utilization expected +0.2 to 79.2%, May -0.2 to 79.0%.
1000 ET Fed Chairman Bernanke delivers semi-annual monetary policy report to Senate Banking Committee
1000 ET July NAHB housing market index expected +1 to 30, June +1 to 29.
1315 ET Fed’s Pianalto speaks on U.S. economy in Erie, PA.
1130 ET Weekly 4-week T-bill auction.
1630 ET API weekly U.S. oil statistics.