(As of 7:25 am PST)
Stocks opened the week on a
mixed note Monday as investors digested consumer economic data in a lead up to
Friday’s non-farm payrolls report. Consumer spending was flat in April while
personal incomes ticked up, mostly in line with expectations. In a separate
report, manufacturing activity rose more than expected in May with the ISM manufacturing
index rising from a reading of 51.5 in April to 52.8 in May. International
headlines are catching investors eyes as well this morning. Weak manufacturing
data in China sent Chinese stocks soaring overnight as investors speculated
over future stimulus programs from the Chinese central bank. The Shanghai
Composite index soared 4.71% Monday. In Europe, the Greek debt drama rages on.
Greece continues to work on a deal with its creditors as Friday’s deadline for
the country’s first debt repayment of $327 million is due. Expect volatility to
pick up in Europe as the week wears on. Gold and other precious metals are up
today while oil prices are flat after surging Friday. The US dollar is up
slightly while interest rates are flat.
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