(As of 7:15 am PST)
After being closed yesterday for President’s Day holiday,
US equity markets opened lower Tuesday being dragged down by disappointing
economic data. Manufacturing activity in
the New York region slowed in February by more than analysts anticipated. The Empire State index slipped but remained
in positive territory after surging to almost a 2 year high in January. The index is widely regarded as a good
indicator for overall manufacturing conditions.
Another report on housing showed that homebuilder confidence plunged in
February, dropping to the lowest level in 9 months, as builders cited
pessimistic sales trends including the severe winter weather conditions seen
around much of the nation. Earnings
continued to trickle in with the most notable report coming from Coca-Cola as
the beverage company reported disappointing earnings which sent the stock lower
by almost 3%. International markets are
mixed with most Asian markets closing higher while Europe is moving lower
heading into the final hour of trade.
Gold is higher by nearly 1.5% while oil is also up 1%. Interest rates are down as is the US dollar
index. Expect a back and forth day as
markets struggle to find direction around some disappointing data points today.
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