(As of 7:30 am PST)
Markets are turning lower to start the week. A report on pending home sales slipped off
its six year peak as rising mortgage rates have slowed the pace of sales. The economic data calendar is full this week
with reports on consumer spending, PMI, construction spending, and non-farm
payrolls jobs report all due out. Also
on tap is a monetary policy statement due out by the Federal Reserve on
Wednesday. It appears investors are
cautious ahead of this week’s events after markets have seen a sharp run up for
the month of July. Asian markets saw
big declines while Europe is seeing slight gains in the final hour of
trading. Oil is down and gold continues
to inch higher, up $8 per oz. Expect
some consolidating to take place this week, especially in the front half
leading up to the Fed’s policy statement on Wednesday.
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