Afternoon Market Update
Treasury prices moved down to push the yields up before the sale of 2-year notes by the government. These notes are likely to carry the record lowest yield. Treasuries trimmed their losses after a report depicted weakening of consumer confidence in the month of July. Yields on 10-year notes moved up about 1.34%.
US Retail stocks moved down for the first time in four trading sessions and gave up most of their gains in the earlier part of the trading day. Concerns regarding unsustained recovery in the housing market, despite encouraging data, are rising. Consumer confidence fell to the lowest level in the moth of July since February and the S&P Retail Index (RLX) fell about 0.3%. David Blitzer, chairman of the index committee at Standard & Poor's mentioned, "A broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery."
Shares of Sanmina SCI Corp (NASDAQ: SANM) tumbled a day after the company reported weaker-than-expected earnings for the third quarter. However, the company swung to profit in the quarter. Deutsche Bank analyst Sherri Scribner said, "Sanmina's results beat revenue expectations but fell short on earnings per share."
Read more from Benzinga's Markets.
