TMS media

Poor Earnings Weigh On Markets

It was another risk-off day in the markets, as the S&P 500 sold off -1.4%, erasing the biggest rally in three months, as U.S. earnings continue to disappoint. Tech stocks, energy, and financials led the way down. Bank of America…

Risk Assets Rebound from Yesterday’s Sell-Off

The S&P 500 rebounded today after experiencing its biggest drop in five months yesterday. Consumer staples performed best according to the SPDR’s, while T-Comm and Utilities performed poorly. The VIX settled back down, coming in -3.1% to 13.96. Treasuries yields rallied, with the 10yr note climbing +4bps to 1.72%. The dollar was weak on the day, with the Dollar Index declining -0.76%. This morning investors got a report that indicated housing starts climbed +7% to a 1.04M annual rate, the most since July 2008. The median estimate of 80 economists had called for a 930M annual rate. Record low mortgage rates and the high-demand for rental units should keep residential construction a pillar of the expansion as concern grows that federal spending cuts will slow the world’s largest economy.