US Stocks fell in a broad sell-off yesterday, dropping for a second straight session and driving the Dow back down below 17,000 as investors turned cautious ahead of earnings season.
Alcoa, whose earnings report always kicks off earnings season, saw a 2nd quarter profit that topped Wall St. expectations. Alcoa's stock has surged in 2014 as aluminum prices have stabilized. Shares of Alcoa rose 2.5% on that news against a very weak tape.(marketwatch.com)
Small Business optimism dropped in June on a big decline in business owners who had previously expected the economy to improve. The small business optimism index fell 1.6 points in June with 8 of the 10 components that make up the index falling.(yahoo finance)
China's consumer inflation moderated slightly in June. Consumer prices in China rose 2.3% from the same period last year which was in-line with expectations. Chinese stocks fell 1.5% on that news.(marketwatch.com)
As Detroit struggles to climb out of bankruptcy another Michigan city, Flint the birthplace of General Motors, may need to file for bankruptcy. If a judge doesn't allow Flint to cut benefits to retiree's the city will be forced to file for bankruptcy protection.(marketwatch.com)