(As of 7:25 am PST)
Stocks are see-sawing this morning as markets sifted
through a handful of disappointing economic reports out of China and the
US. Stocks retreated in the afternoon
yesterday after minutes from the latest Federal Reserve policy meeting revealed
some dissension among Fed members of when short term rates would rise. Markets were met with more disappointment at
today’s open as several economic reports hit the wires. China’s flash manufacturing PMI for February came
in lower than expected, dropping to a reading of 48.3 from 49.5, a seven month
low and still in contractionary territory.
Markets in Asia finished the day lower.
In the US, a mixed bag of data kept the tone cautious early. Jobless claims fell slightly from 339,000 to
336,000. February’s flash manufacturing
PMI surprised to the upside rising to 56.7 from 53.7, hitting a 4 year
high. The Philly Fed report painted a
conflicting view of manufacturing, with the index dropping in January to -6.3
from 9.4, the first negative reading in over 8 months. In company related news, shares of Tesla
soared after the bell yesterday as the company topped earnings estimates. Gold, oil and other commodity prices are
lower as the US dollar inches up.
Interest rates are also higher. The
back and forth trade could give way to more selling pressure later today as
most data fell short of expectations.
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