Stocks dip on Wall Street after mixed data

Shares have bounced off their lows in late trading in New York, but remain in negative territory after a mixed bag of corporate earnings and macro data.

The Dow was down 0.25% at 15,444 with less than half an hour to the close on Wall Street, dragged down by Coca Cola, after the beverage giant reported second quarter results that failed to meet expectations on the revenue front.

The banking sector moved lower despite Goldman Sachs joining JP Morgan, Wells Fargo and Citigroup by comfortably beating estimates for both earnings and revenue.

US second-quarter corporate earnings are now coming through thick and fast, with Yahoo reporting after the close tonight, and Dow-components Bank of America, American Express and IBM all reporting tomorrow, along with NASDAQ big guns Intel and ebay.

Despite this fast-flowing stream of quarterly reports, the focus will not be entirely on the corporate level tomorrow and this is because Ben Bernanke’s testimony before Congress will be grabbing the attention of investors. His words will be closely examined for any hints at what the future may hold for the Fed’s monthly asset purchases.

We know that Mr Bernanke has said the decision to taper or not will be based on incoming economic data, but it will be fascinating to hear how he is interpreting the data we have seen. Housing continues to show strength and manufacturing has been picking up, but unemployment remains elevated and retail sales data failed to match the market’s expectations earlier this week.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.