Stock Market Keys To The Day
The markets are hovering on the flat line today. They have been up slightly and down slightly. The SPDR S&P 500 ETF (AMEX:SPY) is trading at $122.33, -0.23 (-0.19%). Earnings from mega player Apple Inc. (NASDAQ:AAPL) disappointed Wall Street. That is taking the technology sector lower while a continued push in the bank stocks are keeping the S&P 500 and Dow Jones Industrial Average around the flat line.
Yesterday, news broke that a 2 trillion Euro bailout fund had been agreed upon by France and Germany. The markets spiked dramatically higher. This news turned out to be false but the markets gave back very little of those gains. After a two week run of 15%, the markets seem to be tired, however, lack of volume and Federal Reserve POMO (permanent open market operations) is keeping the markets from collapsing.
Cree, Inc. (NASDAQ:CREE) is dropping nicely today on the back of poor earnings results. The stock is trading at $25.14, -2.64 (-9.50%). The stock may be headed back to its 52 week lows at $23.03.
Today, earnings will be reported from American Express Company (NYSE:AXP), eBay Inc. (NASDAQ:EBAY) and Wynn Resorts, Limited (NASDAQ:WYNN). None of these will have a major impact on the market overall, but they will each have a direct impact on their sectors.