Stocks dropped on the jobs news, as employers created only 18,000 jobs in June, far less than what economists had expected. Tech stocks managed to pare their losses, but losses by Google highlighted the day’s activity in the sector after Morgan Stanley cut its rating to equal weight from overweight and lowered price target ahead of the co.’s quarterly report. Losses also came from IBM, Yahoo, Dell and Hewlett-Packard. After spending two months focused largely on the state of the U.S. economy, investors will turn their eyes back to corporate news this week. As several key companies will report their quarterly results, including Alcoa, JPMorgan Chase, Citigroup and Google. Investors will be listening even more closely to the outlooks that companies give for the third quarter and remainder of the year. Outside of earnings, the market will have several economic reports to digest this week, including June retail sales figures as well as the closely-watched inflation readings on producer and consumer prices.
Monday, July 11, 2011
Earnings in focus
Stocks dropped on the jobs news, as employers created only 18,000 jobs in June, far less than what economists had expected. Tech stocks managed to pare their losses, but losses by Google highlighted the day’s activity in the sector after Morgan Stanley cut its rating to equal weight from overweight and lowered price target ahead of the co.’s quarterly report. Losses also came from IBM, Yahoo, Dell and Hewlett-Packard. After spending two months focused largely on the state of the U.S. economy, investors will turn their eyes back to corporate news this week. As several key companies will report their quarterly results, including Alcoa, JPMorgan Chase, Citigroup and Google. Investors will be listening even more closely to the outlooks that companies give for the third quarter and remainder of the year. Outside of earnings, the market will have several economic reports to digest this week, including June retail sales figures as well as the closely-watched inflation readings on producer and consumer prices.
