Soft Microsoft Sales Hard On Tech Futures
Microsoft beat earnings estimates but the gain came from
investments and sales were flat, raising concerns about profit growth in coming
quarters at the world’s largest producer of software. This has cast a negative
on tech stocks and Nasdaq 100 futures are trading back within their recent
consolidation range. Microsoft is also a component of the Dow and S&P 500
and is weighing on their respective futures contracts.
Gold sank nearly $5 in thin trade and as the dollar
strengthened. World gold is priced in dollars and a rising dollar makes gold
relatively more expensive, curbing demand. A tame "core" Consumer
Price figure Tuesday is also tempering the appetite for gold, a traditional
inflation hedge.
Sufficient supplies and caution before Friday afternoon’s
U.S. Department of Agriculture monthly cold storage report are sending lean hogs
down sharply. Pork bellies are following suit and have touched limit-down
levels.
Grains are bouncing off contract lows with corn and soybeans
trading near their highs of the day.