Markets are down a little after an early release of PMI data, a key measure of economic activity, did not meet expectations. At 52.7 the reading still indicates economic expansion, but it was less than forecast and investors seem to be overreacting, sending stocks lower. International news is not helping at the start. China's Shanghai Index resumed its decline after negative economic data this weekend while Europe is mostly to the plus side. The Greek stock market finally opened after an extended period of suspension and, predictably, it was down 17%, with investors weighing in on several weeks of financial drama. Energy continues to face headwinds. Oil is down over 2% and big energy companies are down as well. Gold is also continuing its downward path although it appears to be stabilizing. With a large number of companies having already reported this quarter, earnings are coming in ahead of expectations, but still slightly down. Future projected profits and revenue have not been impressive and momentum to the downside seems to be taking hold.
No comments:
Post a Comment