U.S. GDP
Investors were anxious to see today's report from the Commerce Department on U.S. GDP. Many were disappointed by today's report on gross domestic product, despite the growth. GDP is the most ample way to measure economic growth by the amount of goods made and services rendered in the U.S.. Today's report showed that GDP grew in the second quarter, but at a slower pace than in the first. The Commerce Department said that GDP expanded by an annual rate of 2.4% in the second quarter, down considerably from a rise by 3.7% in the first quarter; analysts were expecting the economy to have grown by 2.5%. There were mixed feelings over today's report; investors are concerned that the results were lower than the first quarter, due to continued trouble in the economy. Analysts on the other hand are looking at today's results as a positive thing. This does mark the fourth straight quarter of growth, reassuring everyone that the economy is continuing to grow. In order for the economy to fully recover, GDP will need to grow at a faster pace and unemployment needs to continue to fall. Another report released today was the University of Michigan Consumer Sentiment Index, which fell to a nine month low in June. Consumer sentiment fell to 67.8 from 76 in June, causing a selloff in the markets. Stocks fell for most of the session, with the sell off heating up in the afternoon. With just two hours left in the trading week, the Dow was down over 50 points, but recuperated all but 24 points with one hour to go. Stocks are set to have made significant gains in July, despite today's session. Today, the dollar fell against the pound, but made gains against the euro after days of losses. Commodity prices rose; gold was unchanged at $1,160.40 and crude oil rose $0.59 to $78.95 per barrel.
Economic data released today:
Employment Cost Index (QoQ):
Chain-Weighted Price Index rose 1.8% Rate in 2Q; U.S. 2Q Employment Cost Index rose 1.8% from Year Ago; U.S. 2Q Employment Cost Index rose 0.5%; Compared to Consensus of an increase by 0.5%; U.S. ISM-New York: July Current Business Index 58.4 versus 69.3 June.
GDP (QoQ):
Domestic Purchases Price Index rose 0.1% Rate in 2Q; Core PCE Price Index rose 1.1% Rate in 2Q; PCE Price Index rose 0.1% Rate in 2Q; Real Final Sales rose 1.3% in 2Q; U.S. Final GDP in 1Q revised to rise 3.7% Rate; U.S. GDP rose 2.4% Rate in 2Q; Compared to Consensus of an increase by 2.5%.
Chicago PMI:
U.S. Chicago PMI July New Orders Index 64.6 versus June 59.1; U.S. Chicago PMI July Employment Index 56.6 versus June 54.2; U.S. Chicago PMI July Prices Paid Index 58.1 versus June 61.9; U.S. Chicago PMI July Supplier Deliveries 59.4; June 60.7.
University of Michigan Consumer Sentiment Index:
5-Year Inflation Forecast rose 2.9%; June rose 2.8%; 12-Month Inflation Forecast rose 2.7%; June rose 2.8%; Preliminary July Sentiment was 66.5; End-July Expectations 62.3; June 69.8; End-July Current Index 76.5; June 85.6.
At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) shed 2.12 points, EOD 10,645.04
NYSE (New York Stock Exchange) gain 4.34, EOD 6,998.91
National Association of Securities Dealers Automated Quotations (NASDAQ) gain 4.01 points, EOD 2,255.70
S&P 500 (SPX) gain 0.23 point, EOD 1,101.76
BEL 20 (BEL20) shed 20.6 points, EOD 2,517.30
CAC 40 (CAC40) shed 8.77 points, EOD 3,643.14
FTSE100 (UKX100) shed 55.93 points, EOD 5,258.02
NIKKEI 225 (NIK/O) shed 158.72 points, EOD 9,537.30
New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 1,802, declined stock prices 1,277, unchanged stock prices 111, stock prices hitting new highs 152 and stock prices hitting new lows 23. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: POT gain 2.19, HOD 105.75, LOD 102.29, EOD 104.99; CME shed 6.83, HOD 285.32, LOD 275.86, EOD 279.00; RIG shed 1.26, HOD 47.19, LOD 45.41, EOD 46.13; CVD shed 0.88, HOD 39.84, LOD 37.44, EOD 38.77; FAS gain 0.02, HOD 22.98, LOD 21.77, EOD 22.62; MA gain 1.09, HOD 210.41, LOD 205.51, EOD 209.46; AXL gain 0.22, HOD 9.96, LOD 8.77, EOD 9.32; NWL shed 0.08, HOD 15.68, LOD 15.21, EOD 15.50.
National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 1,484, declined stock prices 1,215, unchanged stock prices 120, stock prices hitting new highs 43 and stock prices hitting new lows 37. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: FSLR shed 10.05, HOD 130.00, LOD 124.33, EOD 125.45; UPRO shed 0.14, HOD 1405.29, LOD 133.29, EOD 138.09; CSTR shed 2.59, HOD 46.22, LOD 43.46, EOD 45.50; NTRI shed 2.69, HOD 21.00, LOD 19.34, EOD 19.56; WYNN shed 0.17, HOD 87.67, LOD 83.26, EOD 87.68; THOR shed 5.76, HOD 40.00, LOD 35.01, EOD 36.78.
Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 300, declined stock prices 190, unchanged stock prices 36, stock prices hitting new highs 13 and stock prices hitting new lows 6.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1099.25; Change 2.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,863.75; Change 6.50
E-mini DOW $5 (YM) Mar 10: EOD 10,424; Change 15
E-mini S&P MidCap 400 (MF) Mar 10: EOD 758.90; Change 3.80
Nikkei 225 (Yen) Mar 10: EOD 9,510; Change -130
World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7659 to U.S. Dollars 1.3100
Japanese Yen 86.4150 to U.S. Dollars 0.0115
British Pound 0.6368 to U.S. Dollars 1.5700
Canadian Dollar 1.0292 to U.S. Dollars 0.9734
Swiss Franc 1.0401 to U.S. Dollars 0.9610
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (September 10) gain $0.59, EOD $78.95 per barrel ($US per barrel)
Heating Oil (August 10) gain $0.00, EOD $2.04 a gallon ($US per gallon)
Natural Gas (September 10) gain $0.09, EOD $4.92 per million BTU ($US per mmbtu.)
Unleaded Gas (August 10) gain $0.00, EOD $2.11 gallon ($US per gallon)
Metals Markets - Comex:
Gold (August 10) unchanged, EOD $1,160.40 ($US per Troy ounce)
Silver (August 10) unchanged, EOD $17.42 ($US per Troy ounce)
Platinum (August 10) gain $13.40, EOD $1,576.80 ($US per Troy ounce)
Copper (August 10) unchanged, EOD $3.24 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (August 10) gain $0.80, EOD $85.65
Pork Bellies (August 10) gain $0.55, EOD $102.75
Live Cattle (August 10) gain $0.80, EOD $92.65
Feeder Cattle (August 10) unchanged, EOD $113.73
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (September 10) gain $13.50, EOD $392.75
Soybeans (August 10) gain $25.75, EOD $1,052.50
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