The Closing Look

Stocks fell on Thursday as investors digested the latest round of earnings and economic data.  Overnight, Japan’s Central Bank said they do not want “helicopter money” which is a joke because they are one of the most aggressive central banks in the world and already own over 10% of the Nikkei (Japan’s stock market). Elsewhere, the European Central Bank (ECB) held rates steady in its first official meeting post Brexit. Earnings roulette continued as a few stocks gapped up (EBAY, QCOM, BIIB and DPZ) and a few gapped down (INTC, LUV, etc). Economic data was mixed. Jobless claims fell to 253k, easily beating estimates for 265k. The Philly Fed index fell to negative -2.9, which missed estimates for positive 5. The Chicago Fed Activity index came in at 0.16, beating the last reading for -0.51. The FHFA House Price Index edged higher by 0.2%, missing estimates for 0.4%. Existing home sales rose to 5.570M, beating estimates for 5.475M. Finally, Leading Indicators rose to 0.3%, matching estimates for 0.3%.

Gary’s Thoughts: Down day. Would not read anything into it. Market needs some sitting.