Soft GDP Report: A Trend or Anomoly?
The market is trading slightly higher in early trading. Q3 GDP was revised slightly lower, to 2.0% from 2.2%, but it doesn't seem to be too worrisome. The question is whether this marks the low for economic growth, and whether we see a pickup from here.
Oil is also trading lower ($63.30), while the yield on the 10-year is steady at 4.59%.
The bears in the AAII sentiment survey outnumbered bulls again this week, making it 4 out of 5 weeks we have seen that. This is a remarkable showing of bearishness considering the DJIA is making all-time highs and the SPX is making new yearly highs each week as well.
In other news and notes:
- MNST says no significant shift in online job demand
- NKE reports solid earnings
- BBBY offer conservative guidance; stock lower
- VPRT profiled in IBD's New America
- GIS reports earnings, raises guidance
- TWP expects another strong quarter from RACK
- RBC raises estimates on MSFT
- PMCS lowers guidance; stock lower
- GILD estimates raised at RBC
- IAAC gets crushed after reporting soft quarter
- Iran seeks oil payments in currencies other than the dollar
long GILD, MSFT