(As of 7:25 am PST)
It’s a new month and a new
week and investors are hoping there will be new life in the markets after last
week’s sell-off. The month of April closed out with the Dow and S&P500
slightly up for the month while the Nasdaq Composite was down due to weaker
than expected earnings from Apple and Intel. This week will feature some
second-tier earnings reports along with some important economic data. The big
economic news will come at the end of the week with a report on the April jobs
data. Already out today is a gauge of manufacturing activity for the month of
April. The report showed activity to be below both the prior month and the
projected consensus. The markets don’t seem to be having too much negative
reaction to the report with both the Dow and S&P500 up slightly to start
the day. It is a quiet day overseas with most Asian markets and the London
market closed for a holiday. There will be interest in China tomorrow at the
opening after a poor report over the weekend showed weakness in China’s
manufacturing activity. Oil is under some pressure this morning after several
days of run up prices. Gold is continuing to climb near new highs for the year.
As we enter the month of May, it wouldn’t be a surprise to see some
consolidation activity especially after the market’s spectacular run since
mid-February.
Note: Make sure to visit our updated website at
www.millerfinancial.biz where you will also find our blog. The new website will
give you easy access to our blog as well as enhanced tools such as financial
calculators, appointment scheduler, access to our newsletter and links to other
financial websites.
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