(As of 7:20 am PST)
Stocks are continuing to show
signs of weakness Monday as the major US benchmarks opened slightly lower to
start the week. Coming in to Monday, the S&P500 stood at its lowest level since
early May after enduring two consecutive weeks of losses. With an empty data
calendar Monday, investors remained concerned over the timing of the Federal
Reserve’s first rate hike as Friday’s robust jobs report strengthened the case
for a sooner than later Fed decision. In overseas action Monday, things are not
much better. Asian indexes finished the day on a mixed note with the Shanghai
index continuing its remarkable rally despite downbeat trade data out of China.
European markets are markedly lower as investors continued to fret over the
Greek debt situation while the German DAX 30 index officially slipped into a
defined correction adding to investor concerns. Gold prices are up slightly
while oil is down. The 10 yr. treasury yield is down slightly to 2.37% after
soaring last week. It’s a ‘risk-off’ day today with plenty of uncertainty
leading markets to trade range-bound. We may see this trend continue for the
rest of the week and the remainder of the summer months.
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