Despite this morning's feeble GDP report there are some underlying strengths, one of the reasons I figured I wouldn't look like a total idiot calling for market grey skies to clear up by August 10th or so:...S&P 500: 2,088.76, down 15.08 but bouncing a bit, for now.
From Barron's Stocks to Watch:
U.S. stocks were already falling Monday when the Institute for Supply Management’s closely watched manufacturing survey for July came in weaker than expected, pushing the Dow into a triple-digit decline during lunchtime market action.
The Dow Jones Industrial Average fell 166 points or 0.9% to a recent 17,524.77.
Oil prices continued to fall Monday and investors sifted through weak economic data. Ahead of the opening bell, data from the Commerce Department showed personal spending rose slightly less than expected in June, while income was slightly above forecasts.
The S&P 500 fell 13.17 points, or 0.6% to 2,090.6 and the Nasdaq Composite dropped 36.5 points, or 0.7% to 5,091.8....MORE
As the Wall Street Journal reported earlier:
…investors digested a slew of data released on Monday related to the U.S. economy. The data was mixed. On the one hand, consumer spending rose 0.2% in June from a month earlier, in line with expectations, the Commerce Department said, and consumer prices rose slightly in June, according to the Federal Reserve’s preferred inflation gauge. But the increase in consumer spending was the smallest since February, a sign that weak wage growth may be weighing on consumers. Also, the Institute for Supply Management’s manufacturing index declined, casting some doubt on the Fed raising short-term interest rates earlier than later....
See also CNBC via Yahoo:
Dow falls 150 points as energy weighs; data eyed
