This is a critical week for stocks. 85 S&P 500 (^GSPC) companies are slated to report earnings, including three Dow (^DJI) components. Exxon Mobil (XOM) this morning reported a decline in profits and missed Wall Street estimates on revenue, but managed to easily beat analysts’ estimates on earnings per share. Oil prices spiked after rallying more than 8% Friday.
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Investors also had a full slate of economic data to parse today. The Institute for Supply Management said its manufacturing purchasing mangers index fell to a seasonally adjusted 53.5 in January, below consensus estimates of 54.3, indicating a slowdown in manufacturing activity. Separately, consumer spending fell 0.3% in December, while personal income rose 0.3%, according to the Commerce Department. Inflation remains non-existent. The Federal Reserve’s favorite measure, Personal Consumption Expenditures, fell 0.2% in December.
In a Yahoo Finance exclusive, bond king Bill Gross of Janus sat down with Yahoo Finance Senior Columnist Michael Santoli. Gross laid out why he sees some bad news on the horizon for bond investors.
“In the short term bond investors are safe for 6 to 12 months, but not for 10 to 30 years,” Gross said.
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