July 26, 2013 -- 8:30 a.m. ET - 07/26/13
Futures are pointing to a lower open in New York. The Dow and S&P 500 are off 0.4% on Globex while the NASDAQ is trading 0.2% below fair value. Investors are cautious heading into the opening bell following a batch of mixed earnings and ahead of next weeks Fed meeting. Economic data will also be a factor. The July reading on the University of Michigan's consumer sentiment index is expected to edge up to 84 from 83.9. Looking at earnings, shares of Amazon.com are down 1.3% in pre-market action after the company posted a disappointing profit tally and issued a cautious outlook to the current quarter. Online gaming company Zynga is off 17.7% after warning on current quarter earnings and announcing that it halted development of its U.S. online gambling business. On the upside, Starbucks is rallying 6.9% following a better-than-expected profit tally and an increase to their current-quarter and full-year guidance. Stanley Black & Decker is also higher, up 0.6% following their quarterly result. Turning to fixed income markets, Treasuries are higher along the curve. The benchmark 10-year note is up over 1/8 of a point to yield 2.57% and the 30-year bond is up 3/8 of a point to yield 3.63%
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
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