July 24, 2013 -- 8:30 a.m. ET - 07/24/13
Futures are pointing to a higher open in New York. The Dow is up 0.2% on Globex, the S&P 500 is advancing 0.3% and the NASDAQ is trading 1% above fair value. Investors are optimistic heading into the opening bell following some better-than-expected corporate earnings reports. Economic data will also be a factor. Before the open, the Market PMI manufacturing Index is expected to improve to 52.8 from 52.2 in the July reading. At 10am ET, new home sales for June are anticipated to show modest improvement. Shares of Apple are higher by 4.6% as better-than-expected sales helped the company top analysts estimates in the quarter. Apple component supplier Skyworks Solutions is advancing 1.2% in sympathy. Also on the earnings front, Eli Lilly is up 3.1% after the drug maker posted a stronger than anticipated profit tally and boosted their full-year earnings outlook. On the downside, AT&T is off 1% as the company fell just short of expectations. Caterpillar is also trading in the red, down 1.4% following their quarterly report. Turning to fixed income markets, Treasuries are lower along the curve. The benchmark 10-year note is down over 1/2 of a point to yield 2.57% and the 30-year bond is off nearly a full point to yield 3.64%.
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.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.