Market opening analysis 7/28

Stock index futures suggest a modestly lower open for the major averages after a disappointing economic report. June durable goods orders fell 1.0%. Analysts had been expecting a gain. Dow component Boeing delivered earnings that were better than expected, but failed to increase its outlook for the year. Profits at railroad company Norfolk Southern also beat estimates as shipments increased in the second quarter. CVS Caremark cut its guidance as consumers bought fewer drugs. Newmont Mining shares declined after earnings missed estimates. Later today, the Fed will release its Beige Book survey of regional economic conditions. European markets are giving up some ground even though Air France, Europe’s biggest airline, posted its first quarterly profit in almost two years. The London FTSE was down 0.2%. The DAX in Frankfurt fell 0.3%. Asian stocks rose as a surge in earnings at Canon and China’s industrial companies boosted investor confidence. The Nikkei in Tokyo rallied 2.7%. Treasuries gained after the report on durable goods orders was released. The 10-year Treasury note was up 8/32 to yield 3.02%.

This information was provided by Benjamin Chuckrow of Wells Fargo Advisors at 37 Henry ST. Saratoga Springs, NY, 12866  (518)-581-5049.

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