The US dollar index rose today, now up 0.15% at 83.690, after rising to almost 84 earlier today (our coverage here). The GSCI commodity index rose about 1% to 612.44, with commodities prices mixed today, following a disheartening report on drought in the US Midwest (our coverage here). WTI crude oil rose 0.3% today, closing at $86.08/barrel. Brent crude trades up 0.6% at $100.82/barrel. Natural gas is up 0.8% today to $2.875/thousand cubic feet. Gold settled at $1,565.30/ounce, down -0.7% since yesterday’s close.
The unofficial closing bells put the DJIA down more than 31 points to 12,573.27 (-0.25%), the NASDAQ fell nearly 22 points (-0.75%) to 2,866.19, and the S&P 500 fell -0.5% or more than 6 points to 1,334.76.
There were several analyst upgrades and downgrades today, including Delta Air Lines Co. (NYSE: DAL) and United Continental Holdings Inc. (NYSE: UAL) started as ‘sell’ at Goldman Sachs; The Walt Disney Co. (NYSE: DIS) raised to ‘outperform’ at Wells Fargo; FedEx Corp. (NYSE: FDX) raised to ‘buy’ at Goldman Sachs; and Archer Daniels Midland Co. (NYSE: ADM) cut to ‘equal-weight’ at Morgan Stanley.
Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Marriott International Inc. (NYSE: MAR) is down -6% at $35.74, Texas Industries Inc. (NYSE: TXI) is up 16.2% at $44.20 after posting a new 52-week high of $44.23 earlier today; Infosys Ltd. (NASDAQ: INFY) is down -11.2% at $38.72 after posting a new 52-week low of $38.12 earlier today; Progressive Corp. (NYSE: PGR) is down -5% at $19.52; NovaGold Resources Inc. (NYSEMKT: NG) is up 1.6% at $5.35; and Fastenall Co. (NASDAQ: FAST) is up 6.7% at $42.29.
Tomorrow we are scheduled to get earnings results from JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC), and Avalon Rare Metals Inc. (NYSEMKT: AVL).
Some standouts from today include the following stocks:
Supervalu Inc. (NYSE: SVU) is down -48.8% at $2.71 after posting a new 52-week low of $5.61 earlier today. The grocery store chain reported weak earnings after markets closed last night. More coverage here.
Cheniere Energy Inc. (NYSEMKT: LNG) is up 10.3% at $15.62. The liquefied natural gas company’s subsidiary, Cheniere Energy Partners L.P. (NYSEMKT: CQP) agreed to a $3.4 billion credit facility today for construction of an LNG export facility. More coverage here.
Safeway Inc. (NYSE: SWY) is down -12% at $15.82 after posting a new 52-week low of $15.71 earlier today. The grocer fell on the poor report from Supervalu.
Intel Corp. (NASDAQ: INTC) is down -2.5% at $24.75. The world’s largest chip maker saw its target price lowered today and suffered from a weak forecast on PC sales. More coverage here.
Stay tuned for Friday. Atlanta Fed President Dennis Lockhart is giving a speech. We have noted the following events on the schedule (all times Eastern):
- 8:30 a.m. – Producer price index
- 9:55 a.m. – Reuters/University of Michigan consumer sentiment index
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Paul Ausick
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