That darn Yahoo is wreaking havoc on Wall Street, and on the day after the Dow closed just short of its record high. Stock futures are pointing down after the Web search company reported disappointing earnings late yesterday.
Meanwhile, the dollar keeps dropping. It's now at a 26-year trough against the pound and approaching a record low against the euro as expectations of U.S. rate cuts contrast with prospects for money-tightening elsewhere.
Ironically, it was evidence of waning inflation, as well as some strong earnings reports at companies like Johnson & Johnson, that drove stocks up yesterday. U.S. Treasuries also rose yesterday and are still gaining. U.S. mortgage applications are down for the fifth consecutive week, mainly on lower demand for purchase loans, according to just-released data.
Oil prices have fallen below $63 a barrel even as traders expect upcoming data to show another drop in U.S. gasoline supplies. In other earnings news, Motorola phoned in a loss in line with its previous outlook, while revenue came in better than it had anticipated.
JPMorgan Chase reported stronger-than-expected earnings. Internet phone service provider Vonage Holdings says its legal woes could lead to bankruptcy.
Workers at Freeport-McMoran's Grasberg gold and copper mine in Indonesia say a strike has stopped production and shipping there.
Lisa Von Ahn News - Editor
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