Stocks Pressured as Bond Yields Rise

Economic Indicators - Weekly initial unemployment claims are expected to increase by +2,000 to 233,000 [1] - August core capital goods new orders are expected to slip -0.1% month-over-month [1] - Q2 GDP is expected to remain unrevised at +3.3% quarter-over-quarter annualized [1] - August existing home sales are expected to fall -1.3% month-over-month to 3.96 million [1] - August personal spending is expected to rise by +0.5% month-over-month, and personal income is expected to rise by +0.3% month-over-month [1] - August core PCE price index is expected to rise by +0.2% month-over-month and +2.9% year-over-year [1] - University of Michigan's September US consumer sentiment index is expected to remain unchanged at 55.4 [1] Corporate Earnings - More than 22% of S&P 500 companies provided guidance for Q3 earnings that are expected to beat analysts' expectations, the highest in a year [2] - S&P companies are expected to post +6.9% earnings growth in Q3, up from +6.7% at the end of May [2] Housing Market - US August new home sales unexpectedly jumped +20.5% month-over-month to a 3.5-year high of 800,000, against expectations of a decline to 650,000 [2] Stock Market Movements - Chip stocks are climbing, led by a +5% jump in Intel after Nvidia's acquisition of a stake in Intel [10] - Energy producers are moving higher with WTI crude oil prices up more than +1%, benefiting companies like Diamondback Energy and Devon Energy [12] - uniQure NV is up more than +190% after reporting positive trial results for its Huntington's disease treatment [13] - General Motors is up more than +2% after UBS upgraded the stock to buy from neutral [15] - Freeport-McMoRan is down more than 10% after declaring force majeure on copper supplies [16]