The U.S. markets were able to shave some of yesterday's solid declines, with stronger-than-expected profit reports from Yum Brands and Michael Kors lending a hand. However, gains were held in check as yesterday's much larger-than-forecasted decline in U.S. manufacturing activity that soured global economic sentiment remained present. In other news on the equity front, shares of J.C. Penney Co came under pressure as the Street didn't appear to be impressed with its first quarterly same-store sales gain since 2011, while Dow member Microsoft announced its new Chief Executive Officer. Treasuries finished lower amid the rebound for stocks, while the lone report on today's economic calendar showed a smaller-than-expected decline in factory orders for December and an upward revision to durable goods orders. Gold was lower, while the U.S. dollar was higher and crude oil prices were mixed.
Source: Schwab
Source: Schwab
