Alcoa Earnings Miss Pushed Markets in Red
Alcoa earnings loss raised questions on strength of earnings reported in earnings season started this week. Will it evolve to something more then temporary weakness it depends primarily on reported earnings and U.S. dollar exchange rate. For me, the path is still not clear.
On the economic data front we had trade balance reported today. U.S. trade balance was $-36.4 billion vs. $-35.0 billion consensus and revised $-32.9 billion. Large contribution to the deficit widening came from petroleum exports. Imports overall rose 2.6%; Exports gained 0.9%. Nothing special here, maybe a small reduction of 4Q GDP.
I will be away from my computer tomorrow, so no posting tomorrow.