(As of 7:20 am PST)
Disappointing economic data is
continuing to pressure stocks this morning a day after the release of
the Fed’s latest meeting minutes indicated a June interest rate hike is
unlikely. Stock futures pointed to a negative open this morning with the Dow,
S&P500 and Nasdaq all trading around the unchanged line. Economic data is
mostly disappointing today. Jobless claims rose to a 4 week high while a report
on existing home sales showed sales falling 3.3% in April, well below
expectations. The Philly Fed index showed manufacturing activity slowed more
than expected in May, while the leading economic indicator index rose more than
expected, standing as the only positive report on the day. European markets
are mostly lower, while Asian stocks finished mixed as investors digested weaker-than-expected
manufacturing data out of China. Oil is climbing for the second straight day
while gold is down slightly. Complacency seems the order of the day again, as
investors remain cautious heading into the summer months.
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