Want Want China dropped 3%, for a third straight day of losses after hitting an all-time intra-day high on Monday. China Construction Bank dropped 3.7% due to bad debt worries.

The FTSEurofirst is currently down .4% taking hints from Asia and the US. Technology shares are hardest hit today dropping 1.7% due to weak forecasts from chipmakers Applied Materials and Advanced Micro Devices. Nike is up in pre-trade as it outpaces competition in China showing consumers prefer foreign brand to local competitors. Callaway Golf is also down in pre-trade after announcing plans to cut 12% of its workforce and expected losses of $.55-.75 per share.

Commodities are beginning grimly today with crude, natural gas, gold and oil all showing losses.

Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu

Purchase applications were announced this morning and this week the report
shows and increase of 3% while the refinance applications are down 3%. At 8:30am
the International Trade report will be announced. April brought a decline in the
trade gap but only because of a drop in imports. At 10am the wholesale inventory
consensus will be announced. In April the inventories rose 0.6% but not enough to
match the increase in sales of 1.1%.

At the close yesterday the S&P 500 was still down at 0.81% decline. There is hope
for today though due to the stock index futures advance, according to Reuters. As
for 10-year treasuries and oil they both closed on an increase of 0.35% and 1.19%
respectively. The dollar on the other hand was down 0.19% at the close.

As for the earnings season today should be a positive day with 9 out of the 15
announcements projected to be positive. The big announcement to watch out for
today is Marriott, the company is estimated to increase EPS by 13.52%.

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@keeneonmarket!

Markets were stagnant for the majority of the day but moved sharply lower after the release of the Fed’s June meeting minutes. The Fed’s minutes showed the committte split over the merits of further monetary easing on the economy. Results have shown that QE2, and potentially QE3, could have little effect on the economy, and much less effect that intended. 

Leading the equity declines were Boeing, United Technologies, Microsoft, and Travelers. On the other hand, Chevron and Exxon Mobil were the biggest Dow performers. In global markets, Europe finished roughly flat on the day with Spain tacking on gains following more austerity measures in an effort to meet budget targets. 

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Before the release of FOMC minutes, S&P 500 futures were trading at 1336.75, up 1.25 points, DOW Jones Industrial Average futures fell 22 points to 12563.00 and NASDAQ futures fell 11.75 points to 2566.25.

David Cornes holds a degree in eonomics from the University of Montana.

Quarter 2 earnings were 43% weaker than last quarter due to decreased demand. Earnings fell to $21.1 million or 33 cents a share. Revenue fell .12% to $184 million. Analysts expected earnings of 35 cents a share and revenue of $190 million. ADTN declared a cash dividend of 9 cents a share.

Adtran provides services such as production, design, support and marketing products and solutions for networking communications. Although earnings contracted, certain sectors of the company showed growth. The broadband access sector grew 38% over the year, optical and internet gre 17% and account for 84% of revenues.

David Cornes holds a degree in economics from the University of Montana.