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Jul 31 2015

Disappointing earnings offset strong GDP report

Market Recap 07/30/15:
 
U.S. stocks ended flat on Thursday, with a number of high-profile names – including Procter & Gamble (PG) and Facebook (FB) – dropping after disappointing quarterly results. While a read on economic growth came in above expectations, some investors viewed that data cautiously, as the Federal Reserve has indicated it will raise rates when economic data suggests the economy is strong enough to withstand a rate hike. Comments from the central bank earlier this week reiterated that an increase could come this year – though investors are split on whether September or December is more likely. With earnings growth tepid and Chinese growth still a concern, investors are finding few reasons to keep pushing shares higher.
 
Looking ahead:
 
Futures are flat on Friday, though major indexes look to end a volatile month with gains. The Energy sector will be in view, with earnings set from both Exxon Mobil (XOM) and Chevron (CVX). While the two Dow components could see a hit from lower oil prices, both firms are diversified energy plays, meaning the impact won’t be as pronounced as in other names in the space. Expedia (EXPE) share are up in premarket; the online travel agency reported strong earnings after the market closed on Thursday. On the economic data front, the final July reading of the University of Michigan’s index on consumer sentiment will be released after the market open. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, Sunday at 11 AM on WOR 710 AM Radio. Visit our websitewww.ggfs.com for more details.