Pampers diapers and Crest toothpaste
The declining U.S. dollar is beginning to negatively impact foreign stocks. Since last Thursday, when the European Central Bank issued what was perceived to be somewhat hawkish comments, the euro has increased 1.5% bring foreign markets lower. The US dollar has declined 8.2%, as measured by the DXY index, since the beginning of the year. This has benefited investors who have held international assets, as the value of the holdings in dollar terms has increased. (LPL Research)
Financials and tech strength drive solid earnings upside. With over 50% of S&P 500 companies having reported results, second quarter 2017 earnings are tracking +9.6% year over year, 1.6% ahead of estimates. Beat rates for both earnings (74%) and revenue (70%) are above average. The majority of the upside has been driven by financials and technology, although energy is still expected to make the biggest contribution to growth for the quarter. (LPL Research)
Procter & Gamble, maker of Pampers diapers and Crest toothpaste, reported quarterly results of earnings per share of 85 cents on sales of $16.08 billion. Cincinnati-based P&G managed to drive costs lower, which aided in boosting its profit. (CNBC)
The S&P 500 is up 4 and the NASDAQ is up 43. The MSCI international index is higher.
Oil is down 31 cents at $48.44 a barrel.
Gold is up $13 at $1263 a Troy ounce.