The Dow, S&P 500 and NASDAQ are all set to finish the week substantially higher, with the S&P and Dow both currently at levels that would mean the second best weekly performance for the whole of 2013 so far.
It's been an odd day for Boeing though. Earlier in the day it was hitting its highest price ever, and then later on it was leading the list of laggers. Two separate incidents in the UK involving its Dreamliner 787 sent its share price plummeting (down nearly 5% in the last hour of trading on the New York Stock Exchange).
The Philadelphia Fed’s Charles Plosser has said today that he wants tapering to begin in September and stimulus to finished by the end of the year, which are the strongest comments we have heard yet from a Fed official regarding tapering (the strongest actions have come from serial-dissenter Esther George though).
The fact that the market is only slightly off suggests that the market has taken these remarks for what they are – the opinion of an individual that does not represent the majority. Specifically, his suggestion that the 6.5% unemployment and 2.5% inflation thresholds should be treated as automatic triggers stands in direct contradiction to Ben Bernanke’s words on Wednesday.
Consumer sentiment dropped slightly in July according to the University of Michigan’s widely-followed survey. The preliminary reading for its consumer sentiment index fell to 83.9 in July, down from June’s final reading of 84.1. The current conditions component is very strong, but the expectations component showed weakness. Overall this is not a bad reading and I wouldn’t expect it to have any major negative implications for the financial markets.
We have manufacturing data on Monday relating to the New York area with the Empire State Manufacturing Index and more earnings from the banking sector with Citigroup reporting for its second quarter.
Technology giant Oracle is set to switch its shares’ listing from the NASDAQ to the NYSE on Monday, which is the biggest listing defection I can recall.