The Asian markets were strong, HK +2.21%, HK +0.76% and Japan 2.42%. China's markets have been acting better lately.
European markets were sluggish, Euro STOXX -0.37% and DAX -0.27%. The German IFO improved again, 89.9 from 87.5.
In the U S, the Durable Goods Orders were up 2.6% from 1.4%, mostly airplane orders. Ex Transportation was up 0.2% as was Core Capital Goods, below expectation after downward revisions.
S&P 500 +1.08, +0.02%. to 5,071.63.
After a 5.077 open, it peaked at 5,087 at 10 am. A steady erosion lasted to 1 pm at 5,049. Another rally reached 5,080 by 2 pm. After a dip to 4,060 ,a bounce achieved a close of 5,071.
There was no follow through to the previous days sharp rally. The news was more neutral.
There were high expectations for META earnings. At the same time selling never got a head of steam.
It seemed to be marking time waiting for the earnings to come after the close. The range was limited.
TSLA was up 12% on Musk promises after a very poor quarter. It has been one of the worst stocks this year.
The DJIA slipped 0.11%. The NASDAQ gained 0.10% and the QQQ 0.34%. The IWM fell 0.36%.
WTI was sluggish, -$0.55 to 82.81. The inventory reported was very favorable with large declines. Oil was up big yesterday. The XOP was +0.5% and the XLE +0.1%.
:The 10 yr T bond rate drifted up after a poor 5 yr T bond auction, +4.8 bps to 4.646%. The KBWB added 0.4%. The XLU was up 0.6%.
The VIX edged up 0.1.8% to 15.97. The declines led, the NYSE 1.3 to 1 and NASDAQ 1.2 to 1. Volume was average.
After the close META fell sharply, 15%. Guidance was impacted by slower growth and heavy spending. It said it wants to dominate AI and the payoff will come over several years.
Earnings were still good, but it has had the highest expectations for even greater growth this year.Also, it was loaded with traders wanting to sell the "good earnings".
The Bulls dropped 10 points to 46 last week!!!!
Tomorrow we get MSFT and GOOG after the close.
Blub
Jerry