Dow gained 59, advancers barely ahead of decliners & NAZ lost all of 1. The MLP index bounced back another 2+ to the 378s & the REIT index lost a fraction in the 315s. Junk bond funds attempted to crawl higher & Treasuries declined, bringing higher yields. Oil is slid lower in the 47s & gold was also off a tad.
AMJ (Alerian MLP Index tracking fund)
There's not a lot going on in the stock market. Earnings season is winding down. The Chinese markets are still in turmoil. Europe should not be forgotten, with the Greek debt crisis not fully resolved. Then there is Janet who is running the FOMC meeting. While Dow is performing better than the rest of the market today, it's down 300 YTD.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLU15.NYM | ...Crude Oil Sep 15 | ...47.45 |  ...0.06 | (0.1%) |
| GCN15.CMX | ...Gold Jul 15 | .......1,097.10 | ...0.60 | (0.1%) |
Home prices in 20 US cities
rose at a slower pace in the year ended May, keeping more properties
within reach for prospective buyers. The S&P/Case-Shiller index of property values increased 4.9% from May 2014 after rising 5% in the year ended in Apr. The projection called for a 5.6% year-over-year
advance. Nationally, prices climbed 4.4%. The slower pace of appreciation may give younger or first-time buyers
an easier point of entry into the market, especially as wages have seen
little growth for much of the economic expansion. It also gives Federal
Reserve officials room to be patient as they consider raising interest
rates, which hasn’t occurred since 2006. All 20 cities in the index showed a year-over-year increase, led by
gains of 10% in Denver & 9.7% in San Francisco.
Washington showed the smallest increase at 1.3%. Housing has been making gradual progress this year, with steady job
gains fueling the appetite for & wherewithal to buy homes. The economy
has added 1.3M jobs this year, while at 5.3% the
unemployment rate is the lowest since Apr 2008. That helped closings on existing homes climb to a
5.49M annualized rate in Jun, the most since Feb 2007, the
National Association of Realtors said last week. Still, the improvement
has been stop-&-go.
Home Prices in 20 U.S. Cities Climbed at Slower Pace in May
Home Prices in 20 U.S. Cities Climbed at Slower Pace in May
The number of new stock
investors in China fell to the lowest level on record, suggesting that
an almost $4T rout in the equity market may be scaring away
novice traders. New stock investors totaled 391K in the latest week, a 26% decline from the previous week, according to the China
Securities Depository & Clearing’s website. The number is the
smallest since the gov started releasing the figures in May, &
compares with a high of 1.64M in the week ended May 29. The drop reflects waning confidence among retail investors, who make
up about 80% of the Chinese market. The Shanghai Composite Index
has plunged 10% so far this week as concern grew that
unprecedented government intervention will fail to shore up equities. This week’s losses come after the Shanghai gauge rebounded 16%
from its Jul 8 low thru Fri, as officials went to extreme
lengths to halt a rout that erased $4T from the nation’s stock
market. Officials have allowed more than 1400 companies to halt
trading, banned major shareholders from selling stakes & armed a
state-run financing vehicle with more than $480B to support the
market.
Chinese New Stock Investors Drop to Record Low After Stock Rout
Ford posted a 44% surge in Q2 profit,
exceeding estimates thanks to consumers paying big money for
fully loaded versions of the new aluminum-bodied F-150 pickup. EPS rose to 47¢,
compared with 32¢ a year earlier &
beat the 37¢ estimate. The results ease pressure on H2. CEO Mark Fields has pledged pretax profit will grow by as
much as 51% this year as Ford resumes full production of the
F-150, its top selling model. It started offering discounts of more
than $10K on the new truck in some areas after US sales fell 8.9% last month. “We are confident the second half of the year will be even stronger,” Fields said. Ford said it will be the end of Sep before dealers are
fully stocked with F-Series trucks. The company is selling many of its F-150s loaded with pricey
leather seats & technology, which helps margins. Pretax operating income in North America rose to a record of
$2.6B from $2.4B, as Ford boosted North American
production by 1.6% to 815K cars & trucks. Ford said it now
believes its North American operating margin will be the high end of its
forecast of 8.5-9.5%. Lower sales of cars & pickups reduced its US market share to
15.1% in H1 from 15.5% last year. F-Series sales fell 2.4% in H1. Q2 automotive sales slipped to $35.1B from
$35.3B. Revenue was reduced by a $2.2B currency hit from the strong
dollar in overseas markets. Ford Motor Credit contributed a
pretax profit of $506M, up $72M from a year ago, on an
increase in consumer loans globally & leasing in North America. The stock rose 26¢. If you would like to learn more about Ford, click on this link:
club.ino.com/trend/analysis/stock/F?a_aid=CD3289&a_bid=6ae5b6f7Ford Profit Beats Estimates as Buyers Pay Up for F-150 Truck
Ford (F)
There's not a lot going on in the stock market. Earnings season is winding down. The Chinese markets are still in turmoil. Europe should not be forgotten, with the Greek debt crisis not fully resolved. Then there is Janet who is running the FOMC meeting. While Dow is performing better than the rest of the market today, it's down 300 YTD.
Dow Jones Industrials
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