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Jul 24 2015

Futures Are Moving Higher

Market Recap 7/23/15:

Stocks went lower for the third consecutive day, pressured once again by earnings from a select group of big name companies. In a pattern that has plagued the markets since Tuesday, investors chose to focus on the disappointing results from Caterpillar (CAT), American Express (AXP), and 3M (MMM). At the end of the session, the Dow, S&P, and NASDAQ all closed with losses greater than half a percent while the Russell 2000 fell by 1.06%. Losses were similarly broad-based among the S&P sectors with all 10 registering declines on the day. The country’s employment picture meanwhile gave another indication of its growing momentum after weekly jobless claims fell to 255k, its lowest mark since 1973. Though economists have cautioned that July data can be volatile, it’s clear that the continuing improvement in employment adds to the reasonable belief that there could be an interest rate hike in the near future. However, though interest rate hike speculation has been a theme in the past few months, the current focus has clearly been on earnings and the lack of year over year revenue growth being exhibited.

Looking Ahead:

Futures are moving higher ahead of today’s session as the market looks to break its three day decline and finish the week on a positive note. Amazon (AMZN) is providing a boost to sentiment this morning after beating expectations and posting a positive profit number for the quarter. The tech giant, which routinely posts negative earnings because of their commitment to long term investment over short term profit, grew year over year sales by 20% thanks to strong sales growth in North America and a burgeoning cloud services platform. Amazon is up over 20% in pre-market trading. Abbvie (ABBV), American Airlines (AAL), and Xerox (XRX) meanwhile are part of a slew of companies reporting earnings this morning as we close out this heavy earnings week. Aside from earnings reports, which dominated trading so far this week, manufacturing data is expected followed by new home sales data at 10am. Make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. This week Gary’s guest is Rich Karlgaard, author of the book “Team Genius.”   Visit our website for details.