The Top Market Moves for July 23

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July 23 (Bloomberg) -- On today's "The Roundup," Julie Hyman, Su Keenan and Dominic Chu wrap up the day's top market stories on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Stock trading today it appears to have been driven largely by earnings.

We were just talking about the numbers.

The s&p 500 throughout the day, we tend to have on a day-by-day basis a bit of a balancing act between the customer is that -- companies that missed estimates and beat estimates.

Fearing the worst, the tax position came out with a forecast yesterday after the close that left them room to beat estimates, but we saw lot of weakness in networking, equipment, and other chip companies falling today, pulling down technology.

Telecom services, the best performing group in the session, not a lot of big individual gains, but as a group definitely the best performer.

Earnings continued to be the theme as we look ahead to the numbers coming after the close.

Let's check on commodities.

Question for you, as the oil rally run out of gas?

One bank is saying yes for now.

Orange juice futures making the headlines, and why you might want to put a ring on it.

It has to do with a rebound in gold.

Futures hitting 109 on friday, faltering since then as the market is concerned about the next move up from the fed.

Commerzbank in an e-mail report notes that crude investors are seeing a lack in profits and seeing the rally as over for now.

Meanwhile gold falls from a one month high as one of india's biggest buyers adds restrictions to imports.

Rebounding above that level for the second day in a row, that has a lot of the gold mining etf's doing very well.

For more on the treasury market, we go over to dominic chu.

We had our first big notes auctioned this week for treasuries, the two-year, $4.5 billion worth of notes were sold today.

The yield came in just a hair off average analyst estimates.

Here you can see a yield of about -- we will call at 34 basis points.

$3.80 a bids for every bond auction as opposed to an average of 3.5 over the last 10 sales, including the central banks, 30% of the overall sale, the two- year and five-year note yields, you can see it we are seeing moves to the upside, this is a short and of the maturity stacked -- spectrum.

On the benchmark yield, you can also see yields rising as prices are falling for those particular notes.

Tomorrow is big, we get another $35 billion in notes for sale.

Five years, 1:00 p.m. eastern time, at 10:00 a.m., new-home sales for the housing picture, housing rebound, evidence that that will continue coming at 10:00 a.m. tomorrow morning.

This text has been automatically generated. It may not be 100% accurate.


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