US Stocks ended yesterday's choppy trading session mostly higher as investors weighed soft housing data against a flurry pf deal news including the takeover of Family Dollar by Dollar Tree.
Pending home sales fell 1.1% in June to mark the first decline in 4 months showing sales of US homes continue to face headwinds like higher interest rates, tight credit, and stagnant wage growth of prospective buyers. The Case-Shiller home price index is also out this morning showing that house prices nationally declined .3% year over year.(marketwatch)
UPS reported 2nd quarter earnings this morning that missed expectations. The company reported $1.21/share when wall st had been expecting the company to earn $1.25/share. The company also lowered its full year earnings forecast because they plan on increasing expenses. Shares of UPS sold off on that news.(CNBC)
Drug companies Pfizer and Merck both beat 2nd quarter earnings expectations sending those stocks higher. Both are Dow components which will help lift that index today.(marketwatch)
And good news if you are retired. In their annual report issued by the Medicare and Social Security Trustees showed that both programs will run out of money later than expected. Medicare isn't scheduled to be exhausted until 2030 and Social Security will last until 2033. Lower than expected spending extended the life of both programs which will certainly take the heat off lawmakers to address entitlements ahead of Congressional elections.(yahoo finance)