First thing, we got new 52 week highs yesterday from GE and XOM. This is XOM’s first new high since this past January. GE has attained a series of new highs since December.
The ECB released its quarterly inflation report Wednesday, and was gloomy in its outlook. The Bank of England slashed its forecast for economic growth in Britain to 2% annually in two years, down from its earlier estimate of 2.6%. The central bank also reduced its inflation outlook.
So far, 64% of the companies that have reported earnings have topped Wall Street expectations. That’s higher than the average rate of 62% over the past decade.
European stocks slid in afternoon trading and Asian markets ended mixed.
The national average price of gasoline is up 1.3 cents to $3.647 per gallon.
Earnings reports: NWSA-News Corp (Consensus $0.32), CTL-Centurylink (0.62), PPL-PPL Corp (0.41), M-Macy’s (0.64), RL-Ralph Lauren (1.78), DISH-Dish Network (0.66), CLR-Contl Res (0.74), MNST-Monster Beverage (0.61), LMCA-Liberty Media (0.73), HFC-Hollyfrontier (2.24), CG-Carlyle Group (-0.04), BIP-Brookfield Infrastructure (0.34), TEG-Integrys Energy (0.41).
0700 ET Weekly MBA mortgage applications, previous +0.2% with purchase sub-index -2.3% and refi sub-index +0.8%.
0830 ET Q2 non-farm productivity expected +1.4%, Q1 -0.9%. Q2 unit labor costs expected +0.5%, Q1+1.3%.
1030 ET DOE Weekly Petroleum Status Report.
1300 ET Treasury auctions $24 billion 10-year T-notes.