S&P 500 futures rose a whopping 19 points to 1348.25, NASDAQ futures rose 35.50 points to 2573.25, and Dow Jones Industrial Average futures rose 190 points to 12692.00.

J.P. Morgan’s earnings release helped lift markets after reporting higher than expected earnings. They reported a net income of $4.96 billion or $1.21 a share and net revenue of $22.18 billion.

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

Construction stocks were up with the GDP news as were banks with CCB up .6% and ICBC up .8%. Underperforming were China’s power producers as power output was flat in June after rising 2.7% in May.

Europe is jumping on the slight rally in Asia with the FTSEurofirst up .4%. Basic resources and miners shares rose currently showing miner Petropavlovsk up 1.8% and Steelmaker Voestalpine up 1.3%. Italian Banks received an unexpected hit today as Moody’s downgraded Italy’s government bond two notches to Baa2, banks are down about 1%. Data also showed foreign deposits in Italian banks have dropped 20% on the year in April.

Moody’s also put London Automaker Peugeot on review for a downgrade battering their stocks down 8.8%.

Nokia is planning on closing 2 of its distribution centers in China as a part of its restructuring process, shares are up .5% pre-market.

JPMorgan was off to a great start after beating revenue predictions by 1B, however upon showing all of the write offs, wilting credit spreads, investment banking fees down 35%, and advisory fees down 41% the stock tanked from 2.1% to a current pre-market trade of -2%.

Commodities begin another session mixed with crude and gold up while silver and natural gas are down.

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

For the economy today there is the Producer Price Index announcement at 8:30AM
EST and the Consumer Sentiment consensus at 9:55AM EST. The PPI fell in April
and May, 0.2% and 0.1% respectively and is expected to continue that trend. The
consumer sentiment consensus is supposedly to yield a decline as well.

Turning to the stock market, the S&P 500 is down once again at the open at 0.50%.
Today though, 10-year treasuries are up 0.27% and so is oil at 0.88%. The dollar
joins that uptrend with an increase of 0.002 points.

On the brighter side, there is hope for the S&P 500, today China announced that
its growth has slowed to 7.6%, the same as analysts’ expectations. This confirmation of the state of China caused futures to rise as everyone was
assured that the situation was not worse than it seemed. Now that the stock futures
are rising, hopefully the S&P 500 will bounce back as well.

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