Early Stock Index Rally Fades as Worries Persist
U.S. Stock Index futures closed higher this afternoon, but well off the day’s highs, as traders continue to fear that the economy will show signs of slowing due to continued concerns over credit conditions and a weak U.S. housing market. September S&P 500 futures closed at 1454.60, up 3.60, and September Dow Jones futures closed at 13255, up 18. Treasury futures staged a late rally, with September Bond futures ending the session up 5/32 to settle at 109-15. Traders will be looking towards tomorrow’s PPI figures, with the consensus estimate for a 0.1% rise, and the “core” rate without food and energy prices up 0.2% in July.
Economic Data Scheduled for Tuesday, August 14, 2007
(All times are U.S. Central Time)
U.S.
7:30 AM: July PPI (Consensus 0.1%, Core 0.2%)
7:30 AM: June Trade Balance (Consensus -$61.0 billion)
Canada
None
U.K.
3:30 AM: July CPI MoM (Consensus -0.2%)
European Union
1:00 AM: (Germany) 2nd qtr GDP (Consensus 0.4%)
4:00AM: 2nd qtr GDP MoM (Consensus 0.5%)
Japan
None
