Equities Off Ahead of Financial Earnings

Ahead of earnings statements from Wells Fargo and Morgan Stanley, equity futures are soft this morning while commodity prices are modestly higher.

Sentiment is mixed. On the positive side, Apple posted net income of $3.07 billion in the fiscal second quarter, compared to $1.62 billion in the same period last year. The 90% jump in profit was thanks to the iPhone, which saw unit sales increase by 130% compared to the same period last year. Revenue also leapt 49% to $13.5 billion.

On the negative front, investors are concerned the International Monetary Fund may propose that G20 nations adopt a tax on bank assets and earnings, which would fund any potential damages in future financial crisis. 

Dow futures are down 19 points to 11,055 and S&P 500 futures are down 2.50 points to 1,203.00. The 2 year Treasury note is unchanged yielding 1.024% and the 10 year Treasury note is flat as well yielding 3.796%.

In the other direction, WTI crude oil up 10 cents to $84.25 per barrel and Spot Gold is up $1.70 to $1,142.45.

Meantime, the US dollar index is flat at 81.05.

Key Events Today:

No major economic data.

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