July 17, 2013 -- 8:30 a.m. ET - 07/17/13
U.S. stock futures are indicating a flat open. The Dow and S&P 500 Index are virtually unchanged in early action. The NASDAQ is about 0.1% above fair value. The major averages are toggling for direction as investors digest Fed Chairman Bernankes statement to Congress before the hearing begins at 10 a.m. ET. The central banks Beige Book will also garner attention later today at 2:00 p.m. ET. Economic data was disappointing. Housing starts unexpectedly dropped by 9.9% in June to 836,000, marking the lowest level since August 2012. A separate report showed building permits surprisingly fell by 7.5% last month to an annualized rate of 911,000, missing expectations for a gain of 1.5%. On the earnings front, Bank of America reported its second-quarter profit increased by 70% thanks to lower operating expenses. Fellow banking giant PNC Financial also delivered encouraging earnings results as its profit more than doubled. Yahoo trimmed its 2013 revenue outlook after posting a 12% drop in advertising prices last quarter. Technology will remain in focus after the close tonight with profit tallies due out from Intel, IBM and SanDisk. In fixed-income, Treasuries are mixed. The 10-year note is up 8/32 to yield 2.50% and the 30-year bond is virtually unchanged to yield 3.59%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.
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