Stocks opened flat this morning but are slowly losing
steam as investors digested new economic data.
Home prices rose just 1.8% in July, down from a 2.2% gain in June,
according to the Case-Shiller Index of home prices. After accounting for seasonal adjustments,
June’s gain was the lowest since last September, which had some analysts
remarking the housing boom we’ve seen the past couple years may be
slowing. Investors also digested data on
consumer confidence which showed confidence falling in September, in line with
expectations. Markets appear unwilling
to push higher without some clarity around the debt ceiling debate and a
possible government shutdown. Investors
also are weighing Fed comments this week on tapering. Good news is we’re not seeing the volatility
that we saw back in 2011 during the same debate. Expect things to be status quo through the
end of the quarter and pick up again once earnings season starts (pending any
surprise out of Capitol Hill).
International markets are mixed today with Asia lower and Europe
higher. Gold continues its slide, down
nearly 1% today, while oil is also lower.
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