Stocks Dip As The Week Begins


Stocks took a bit of a beating today, as buyers just seemed to be absent after all the hoopla over last week’s Fed meeting and the Alibaba IPO. Another disappointing housing report (Existing Home Sales) didn’t help matters any, and gave the bears something to rally around today. We’ll get the FHFA Housing Price Index tomorrow and the New Home Sales report on Wednesday. On Tuesday we get the PMI Manufacturing Index and the Richmond Fed Manufacturing Index and then, on Thursday, we get weekly jobless claims, Durable Goods and PMI Services. So maybe not last week’s fireworks, but plenty of economic data points for traders to chew on.

As for today, the Dow Jones Industrial Average was down 106 points to close at 17,172. The S&P 500 was down 16 points to finish the day at 1994. Gold was down $1 to trade at $1215 per ounce, while oil was down $.89 to trade at $91.52 per barrel WTI.

We’ll keep an eye out to see what traders focus on for the week. Earnings season is still a couple of weeks away, so data points might determine the day to day action.

Let’s see how the week develops.

Have a nice evening everyone.

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