For the week of Monday, September 8, 2014 through Friday, September 12, 2014:
- Standard & Poor’s 500 Index: -1.05%
- Dow Jones Industrial Average: -0.81%
- NASDAQ Composite: -0.31%
The week began with stocks taking a slight tumble as investors were focused on possible interest-rate hikes by the Fed. Bucking the broader market, tech and small cap companies rose. Energy companies fell sharply, as domestic oil prices fell to their lowest level in eight months. The tumble continued Tuesday with stocks closing at their lowest levels in more than two weeks. By mid-week, stocks rebounded after two days of losses, despite the market being quiet because of little economic or corporate news available to investors.
Stocks were mixed Thursday as investors weighed weekly labor-market data and geopolitical issues. The markets traded lower again in Friday’s session on a variety of economic news. Retail sales increased in August as Census Bureau data showed sales climbed 0.6%. Discounting cars, however, sales added a mere 0.3%. Additionally, July’s previously flat reading was upwardly revised to a 0.3% gain. In other items, consumer confidence is on an upswing this month. In a preliminary reading for September, the University of Michigan’s Consumer Confidence Index tacked on 2.1 points to 84.6. Looking ahead, the Federal Open Market Committee will meet next week.
Chain Store Sales Snapshot:
- The Chain Store Sales Index rose 0.7%.
- Year-over-year sales growth fell from 4.8% to 4%.
MBA Mortgage Applications Survey:
- Mortgage application activity declined 7.2%.
- Refinance applications slid 10.7%.
- Purchase activity slipped 2.6%.
- Wholesale inventories increased 0.1% in July.
- Analysts expected 0.5%.
- Inventory growth was revised down 0.1% for June.
- Sales were revised to a 0.7% increase for June.
- Initial claims for unemployment insurance increased 11,000 to 315,000.
- Continuing clams rose 9,000 to 2.49 million.
The Men’s Wearhouse, Inc. (NYSE: MW)
- Men’s Wearhouse earned $12.3 million, or $0.25 a share, compared to $42.9 million, or $0.85 a share, last year.
- Excluding one-time items, earnings rose from $1.01 to $1.10.
- Net sales rose 24% to $803.1 million.
- Analysts expected earnings of $1.06 a share on revenue of $894 million.
The Kroger Co. (NYSE: KR)
- Kroger reported profits of $347 million, or $0.70 a share, compared to $317 million, or $0.60 a share, last year.
- Total sales rose 12% to $25.3 billion.
- Same-store sales, excluding fuel, were up 4.8%, higher than the 4.2% increase analysts had expected.
- The two-year Treasury rate increased four basis points to 0.55%.
- The five-year Treasury rate rose eight basis points to 1.77%.
- The 10-year Treasury rate increased six basis points to 2.52%.
- The 30-year Treasury yield rose three basis points to 3.25%.