The waiting game continues. Investors remain cautious ahead of this week's key employment reports and next week's meeting of the Federal Reserve. Although most people are hesitant to sell stocks right now, they also are not in a hurry to do any serious buying. Considering the presidential election is just about two months away it could well be the action will linger until the voting outcome becomes clear. The Dow Industrials were lower yesterday, but the Nasdaq composite was slightly higher.
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The move up in the Nasdaq came after Apple confirmed it will hold a meeting next Wednesday with analysts and reporters. Although the company failed to give a reason for the gathering, it is expected the company will introduce the newest version of the iPhone. However, there is also a buzz Apple might unveil a smaller, less expensive version of the iPad.
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Nokia this morning introduced its Lumia 920 smartphone powered by Microsoft's Windows 8 operating system. The device also uses a Snapdragon processor from Qualcomm. One of the unique features of the new phone is a wireless charging capability. No release date or price was announced by Nokia but you can bet it will be out before the holidays.
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The Intuit Small Business Index released this morning showed hiring at companies with less than 20 employees rose in August. An estimated 30,000 new jobs were created last month as compensation rose slightly and hours worked declined. "The employment rate has been slowing since April, and revenues have been falling since March, declining 2.7 percent from its most recent peak," said Intuit economist Susan Woodward. Three important jobs reports come out tomorrow, followed by the Department of Labor's August jobs report on Friday.
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If you tell people often enough that things are getting bad, darned if they don't. Consider the Discover U.S. Spending Monitor released today. It found economic uncertainties and anticipation of higher expenses pushed the index to its lowest level so far in 2012 during August. The survey showed people who believe the economy is getting worse rose for the third consecutive month. And, 51 percent believe their personal finances are getting worse, the highest level since October 2011.
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There has been a lot of talk recently about an economic slowdown in China. However, Boeing today is forecasting the country will need 5,260 new commercial airplanes over the next 20 years. "It's impressive that over 75 percent of the demand in China will be for growth instead of replacement. Sustained strong economic growth, growing trade activities and increasing personal wealth are some of the driving forces," said spokesman Randy Tinseth. The potential cost for the new commercial aircraft is estimated at $670 billion.
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It's been awhile since I've reported this: Facebook shares are higher. The stock is up 85 cents in early trading today to $18.58 after hitting a new all-time low yesterday at $17.55. The rally is because of information included in a report filed with the SEC that states co-founder and CEO Mark Zuckerberg will not sell any of his shares for at least a year. Of course, most of the other investors with restricted shares still in lock-up following the initial public offering are not making the same promise. As many as 2 billion shares of stock could get dumped on the street in the next few months when large shareholders opt to get out while the getting is good. Zuckerberg owns or controls more than 500 million Facebook shares.
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