Stocks range-bound as Fed, data awaits
Stocks (^DJI, ^GSPC, ^IXIC) hold steady as investors await data and the Fed’s Jackson Hole meeting. Catch The Final Round at 4 p.m. with Jen Rogers and markets correspondent Nicole Sinclair.
Stiglitz on the future of Europe and the euro
The euro was supposed to bring about unity, prosperity, and security… but now, almost two decades later, Europe’s great monetary endeavor has led to economic stagnation and nationalism. So does saving Europe mean abandoning the euro? Yahoo Finance’s Justine Underhill speaks with Joseph Stiglitz, Nobel Prize-winning economist and author of the new book “The Euro, How a Common Currency Threatens the Future of Europe.” Watch the full interview here.
Are US stocks the only game in town?
Europe may be shaky, but does that mean the US is still the place to invest? Joe Zidle, Portfolio Strategist at Richard Bernstein Advisors, makes the case for US based investments.
Winners & losers
Stocks in the red today include teen retailer Urban Outfitters (URBN) following a Goldman Sachs downgrade and price target cut; Marathon Oil (MRO) slipping after announcing two of its executives, including its CFO, had resigned, and Viacom (VIA). Shares of the beleaguered media giant are falling following a big management shakeup and the box-office bomb: the studio’s “Ben-Hur” remake.
Stocks on the move higher today include BioMarin (BMRN), as traders bet Sanofi (SNY) will now target it after losing out on Medivation; Valeant (VRX) after it announced it has hired Zoetis executive Paul Herendeen as its new CFO, and Syngenta (SYT). Shares of the seed maker are up after its deal to be bought by ChemChina for $43 billion was cleared by the federal government.
Looking ahead
At 10 a.m. EST on Tuesday, we’ll get data on the housing sector with new home sales for July. Economists are expecting a seasonably adjusted rate of 580,000, a slight drop from the prior month.
Don’t forget about earnings season, as we’ll have big reports from Best Buy (BBY), Toll Brothers (TOL), and J.M. Smucker (SJM).
And finally tomorrow night the Boss takes to the Meadowlands, as Bruce Springsteen and the E-street band begin their North American Tour. Springsteen’s autobiography, “Born to Run,” will be published on September 27, with an audio companion compilation album titled “Chapter and Verse” out on the September 23.
