Friends
Today’s pending home sales numbers indicated that rising home prices and rising mortgage rates are beginning to curb the sales of existing homes in the U.S. That number along with a weaker than expected Dallas Fed Manufacturing Survey number contributed to a negative tone to trading as the week began. The Dow began the day with a more than 70 point decline, but as we have seen in recent sessions, was able to recover some of the losses later in the day.
By the close, the Dow Jones Industrial Average was down 36 points to finish the day at 15,521. The S&P 500 was down 6 points to close at1685. Gold was up $7 to trade at $1329 per ounce, while oil was up $.35 to trade at $107.52 per barrel WTI.
Remember, this is another big week for earnings and as mentioned on Friday the economic calendar is full, with Case-Shiller and consumer confidence tomorrow, ADP private sector employment report on Wednesday along with the first look at 2nd quarter GDP. On Thursday we get jobless claims and PMI Manufacturing Index and of course the jobs report on Friday. Just for good measure we have FOMC meeting which begins tomorrow and wraps on Wednesday. This might be the most important week of data we have had in a while. Let’s see how the markets react.
Have a nice evening everyone.
