The Dow Jones Industrial Average
Overnight, China reported second-quarter GDP growth of 7.6%, a three-year low and less than average estimates of 7.7%. But it was better than some economists had feared, and it helped lift markets in Asia and Europe. Dow futures also pointed upward before open with gains of 0.3%. Italian 10-year bond yields crept above 6% once again after Moody's downgraded its credit rating by two notches and reissued a negative outlook.
In its quarterly report this morning, JPMorgan Chase
Financial giant Wells Fargo
There's one economic report to look out for today: The University of Michigan consumer sentiment report comes out at 9:55 a.m. EDT. Analysts are expecting a preliminary July reading of 73.5, up slightly from 73.2 in June. A solid beat would be welcome news, as many indicators lately have showed global consumer spending slowing.
The Producer Price Index released earlier this morning showed that finished-goods prices rose 0.1% in June, ahead of estimates of a 0.6% drop, largely due to a greater-than-expected rise in food costs. The core PPI rate, which is often a greater indicator of inflation and does not include food or energy, rose by 0.3%, compared with projections of 0.2%. The report should not affect markets.
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Fool contributor Jeremy Bowman holds no positions in the companies in this article. The Motley Fool owns shares of JPMorgan Chase. The Fool owns shares of and has created a covered strangle position in Wells Fargo. Motley Fool newsletter services have recommended buying shares of Wells Fargo. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.