REUTERS/Shannon StapletonMarkets made some small moves today. But the Nasdaq outperformed thanks to a gigantic move in Facebook shares.
First, the scoreboard:
- Dow: 15,555.6, +13.3, +0.0 %
- S&P 500: 1,690.2, +4.3, +0.2%
- NASDAQ: 3,605.1, +25.5, +0.7%
And now, the top stories:
- Durable goods orders jumped 4.2% in June, beating expectations for a 1.4% gain. This was largely due to aircraft orders. However, nondefense capital goods orders excluding aircraft (a.k.a. core capex), which is a key indicator of business investment, climbed by a better-than-expected 0.7%. Furthermore, May's core capex number was revised up substantially.
- "The key focus of this report should be on the persistent strength in core capital goods orders ex defense, ex aircraft," said TD Securities' Eric Green. "This feeds directly into our estimates for investment spending and the recent trend has not just been positive, it has been exceptional. These orders rose 0.7% (expected 0.6%) despite an upward revision from 1.1% to 2.2% the prior month. Over the past four months these orders have averaged gains of 1.3%. Coupled with the surge in cap ex intentions six month forward on the Philadelphia survey, this data suggests that a shift higher in investment spending is clearly in the offing."
- Initial jobless claims rose to 343,000 from an upward-revised 336,000 the week before, slightly above consensus estimates for a rise to 340,000. "This week’s data come after the survey period for July payrolls, hence we continue to expect +200k on the headline (+210k private) and a one-tenth decline in the unemployment rate to 7.5%," said Deutsche Bank's Joe LaVorgna.
- Shares Facebook surged 29% after the company announced a monster second quarter with earnings that crushed expectations. "We now have more daily actives on mobile than on desktop," said CEO Mark Zuckerberg. "Soon we'll have more revenue on mobile than on desktop."
- Homebuilders DR Horton and PulteGroup got slammed, falling 8% and 10%, respectively. Managements from both companies pointed to the recent surge in mortgage rates as a cause for cancellations.
- Amazon announces earnings after the closing bell. Follow the release live at BusinessInsider.com.
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