US stocks opened flat today after a release of the consumer price index. U.S. consumer prices were unchanged in July, as lower energy prices offset gains in food and other items. The core consumer price index rose 0.1%. In June overall consumer prices were unchanged, while the core gauge rose 0.2%. The CPI rose 1.4% over the year through July, the smallest 12-month change since late 2010. The core rate gained 2.1% over the past 12 months, the smallest gain since late 2011. The government also reported that real average hourly earnings were unchanged in July, compared with a 0.3% gain in June. The Dow opened down 16 points or 0.14%, the S&P 500 down 1.9 points or 0.14%, and the Nasdaq down 2.25 points or 0.08%. After opening lower, the indices began to rally to their highs around 10:00am after the Housing Market Index was announced at 37 beating the consensus of 35. Following the short rally, stocks pulled back down into negative territory. During mid-day trading the market was flat until around 2:00pm at which point another rally began. Once again this rally was short lived, as coming into the close the market turned down. The Dow closed down 7.36, the S&P 500 closing just positive up 1.60, and the Nasdaq showing the largest gain at 13.95. In European markets the FTSE 100 closed down 31.74 points which is 0.54%, the CAC 40 down 1.07 points or 0.03%, and Germany's DAX found itself down 27.59 points or 0.40%. Asian Markets were also down today with Japan's Nikkei 225 down 4.84 points or 0.05% and the Hang Seng down 239.39 points which is 1.18%. In corporate news, Deere and Company (DE) saw its shares crash 6.28% after missing analysts' estimates on net income. The company posted a net income of $1.98 per share versus Wall Street's view of $2.32 per share. Another company that saw its shares go into the red after earnings was Staples Inc. (SPLS). Staples shares dropped 14.60% after releasing that its US and international sales were significantly lower, at 5.5% and 18% respectively. On a better note, Abercrombie and Fitch (ANF) bounced 8.97% after beating analysts' estimates, although estimates were low based on the company's struggling shares. Another company that saw positive gains after earnings was Photronics Inc. (PLAB). Photronics jumped 10.66% after the company beat estimates by $0.01 per share and announced that revenues were in line with estimates. Overall, another flat day in the market.
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