For the week of Monday, September 22, 2014 through Friday, September 26, 2014:
- Standard & Poor’s 500 Index: -1.34%
- Dow Jones Industrial Average: -0.96%
- NASDAQ Composite: -1.46%
The Dow Jones Industrial Average snapped a five-day winning streak on Monday. Uncertainty about China injected a note of caution into global financial markets, as the world’s second-largest economy grapples with growth concerns. China’s financial minister said major changes to the country’s economic stimulus efforts aren’t likely. The Dow’s tumble continued on Tuesday after a weak report on Europe’s economy fueled more jitters about global growth.
Stocks ended higher on Wednesday, with the S&P 500 and NASDAQ snapping a streak of three losing sessions. Stocks plunged lower Thursday after mixed readings on the U.S. economy. Labor Department data showed a jump in initial jobless claims. New claims climbed by 12,000 to 293,000 last week. The markets traded to the green side on Friday. A third estimate showed real GDP expanded by 4.6% in the second quarter, well up from the first quarter’s revised 2.1% decrease and beyond the prior second quarter estimate of 4.2%. In a final September reading, the University of Michigan’s consumer sentiment index added 2.1 points to a 14-month high of 84.6.
Chain Store Sales Snapshot:
- The Chain Store Sales Index increased 0.1% last week.
- Year-ago sales growth rose from 3% to 4.1%.
MBA Mortgage Applications:
- The MBA Mortgage application composite index fell 4.1% last week.
- Refinance applications fell 7%.
- Purchase activity fell 0.3%.
- Initial claims for unemployment benefits increased from 281,000 to 293,000.
- Continuing claims rose 7,000 to 2.439 million.
- The four-week moving average fell 22,250 to 2.46 million.
Durable Goods Orders:
- New orders for durable manufactured goods fell 18.2% in August.
- Transportation goods fell 42%.
- Excluding transportation, durable goods orders increased 0.7%.
- Core capital goods rose 0.6%.
- Total shipments fell 1.5%.
CarMax Inc. (NYSE: KMX)
- CarMax earned $154.5 million, or $0.70 a share, compared to $140.3 million, or $0.62 a share, last year.
- Sales increased 11% to $3.6 billion.
- Used car sales increased 6.3%.
- Wholesale vehicle sales also rose 7.4%.
- Analysts expected $0.67 a share on revenue of $3.57 billion.
Carnival Corporation (NYSE: CCL)
- Carnival earned $1.25 billion, or $1.60 a share, compared to $934 million, or $1.20 a share, a year ago.
- Excluding items, Carnival earned $1.58 a share compared to $1.38 a share last year.
- Revenue rose to $4.9 billion.
- Analysts expected $1.44 a share on revenue of $4.93 billion.
Bed Bath & Beyond (NASDAQ: BBBY)
- Bed Bath and Beyond earned $224 million, or $1.17 a share, compared to $249.3 million, or $1.16 a share, last year.
- Net sales rose 4.3% to $2.945 billion.
- Same store sales rose 3.4%.
- The two-year Treasury rate increased one basis point to 0.58%.
- The five-year Treasury rate fell two basis points to 1.80%.
- The 10-year Treasury rate slid three basis points to 2.55%.
- The 30-year Treasury yield decreased three basis points to 3.26%.