Investors are looking for a market turnaround today. The Dow Jones industrial average sank for a sixth day yesterday as traders pondered the possibility that the Federal Reserve would end its massive bond-buying program in the near future. The Dow fell 105 points. The S&P 500 index dropped 9 ½ points and the Nasdaq composite lost nearly 14 points.
- The Labor Department will release the weekly unemployment claims number. Also today, the Conference Board reports on the leading economic indicators for July and Freddie Mac will reveal weekly mortgage rates. Two retailers report quarterly earnings: Sears; and Gap.
- A new report suggests the average U.S. household is earning less than when the Great Recession ended four years ago. Sentier Research, using Census Bureau data, says median household income, once adjusted for inflation, has fallen 4.4 percent in that time. The report says nearly every group is worse off than four years ago, except for those 65 to 74.
- The Federal Reserve is appealing a recent court ruling that struck down its cap on how much banks can charge businesses for processing debit card transactions. The Fed filed a notice yesterday that it is seeking in a federal appeals court to overturn U.S. District Judge Richard Leon's ruling last month. Leon said at the time that the Federal Reserve didn't have the authority to set the limit the way it did in 2011.
- Google has been holding talks with the National Football League, raising speculation that the internet monolith is seeking new inroads into television.Other tech companies like Apple are reportedly in talks with cable companies to boost access to television through their devices. With Google sitting on a cash pile of $48 billion, the league's Sunday Ticket package is easily within its budget.
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