The US dollar index rose today, now up 0.28% at 81.609. The GSCI commodity index is up 0.8% at 586.31, with commodities prices mostly higher today on the declining dollar. WTI crude oil closed down -2.5% at $81.91/barrel. Brent crude trades down -3.23% at $92.67/barrel. Natural gas rose fell about -0.2% today to $2.54/thousand cubic feet. Gold settled down -0.5%, at $1,614.30/ounce.
The unofficial closing bells put the DJIA down about 13 points to 12,824.31 (-0.10%), the NASDAQ rose less than 1 point (0.02%) to 2,930.45, and the S&P 500 fell -0.17% or about 3 points to 1,355.70.
There were several analyst upgrades and downgrades today, including ConocoPhillips (NYSE: COP) cut to ‘sell’ at Goldman Sachs; Apollo Group Inc. (NASDAQ: APOL) started as ‘outperform’ at Wells Fargo; Cisco Systems Inc. (NASDAQ: CSCO) raised to ‘outperform’ at BMO; Plains All American Pipeline LP (NYSE: PAA) started as ‘buy’ at Janney; and Autodesk Inc. (NASDAQ: ADSK) reiterated as ‘buy’ with a price target of $47 at Canaccord Genuity.
Earnings reports since markets closed last night have been scarce, but here are some price changes for reporting companies as of the last half hour of trading today: Adobe Systems Inc. (NASDAQ: ADBE) is down -2.5% at $32.07; Jabil Circuit Ltd. (NYSE: JBL) is up 6.2% at $20.62; Jinkosolar Holding Co. Ltd. (NYSE: JKS) is down -8.8% at $4.13 (more coverage here); and Le Gaga Holdings Ltd. (NASDAQ: GAGA) is down -6.6% at $4.10.
After markets close today we’re scheduled to get earnings from Bed Bath & Beyond Inc. (NASDAQ: BBBY), Micron Technology Inc. (NASDAQ: MU), Red Hat Inc. (NYSE: RHT), and Sonic Corp. (NASDAQ: SONC). Before markets open tomorrow earnings are due from Carmax Inc. (NYSE: KMX) and ConAgra Foods Inc. (NYSE: CAG).
Other standouts from today include the following stocks:
The Procter & Gamble Co. (NYSE: PG) is down -3% at $60.37. The consumer goods giant lowered its forecast for the current quarter and for the full year. More coverage here and here.
JPMorgan Chase & Co. (NYSE: JPM) is up 2.8% at $36.37. The bank is reported to have sold offup to 70% of its “London Whale” derivatives position. More coverage here.
Gevo Inc. (NASDAQ: GEVO) is up 31.4% at $7.78. The biofuels maker won a court ruling in a patent infringement case. More coverage here.
Stay tuned for Thursday. We have noted the following events (all times Eastern):
- 8:30 a.m. – New claims for unemployment benefits
- 8:58 a.m. – Flash PMI manufacturing index
- 10:00 a.m. – Existing home sales
- 10:00 a.m. – Philadelphia Fed manufacturing survey
- 10:00 a.m. – FHFA house price index
- 10:00 a.m. – Leading indicators
- 10:30 p.m. – EIA weekly natural gas storage report
- 4:30 p.m. – Fed balance sheet and money supply
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Paul Ausick
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