Friends
It was somewhat a tale of two cities today with regards to economic data. First, the ADP private payroll number came in somewhat disappointing at 185,000 new jobs created in July (expectations were for about 210,000 new jobs). Shortly after that we got the ISM non-manufacturing (services) report which was stellar, as the reading of 60.3 was the best we’ve seen in 10 years and well above expectations.
As for stocks, one major Dow component (Disney) weighed on the index, while the broad market actually wasn’t too bad. The S&P stayed in positive territory for the entire session. By the close, the Dow Jones Industrial Average was down 10 points to finish the day at 17,540. The S&P 500 was up 6 points to close at 2099. Gold was down $6 to trade at $1083 per ounce, while oil was down $.56 to trade at $45.18 per barrel WTI.
Tomorrow we get the weekly jobless claims, but traders will be focusing on Friday’s non- farm payroll number. In the meantime this somewhat disappointing earnings season continues to wind down. Despite the lackluster results, and damage done to many individual issues, the market averages are hanging in there pretty well. It appears this year, so far anyway, that we are experiencing a rolling correction of sorts, as damage continues to move from sector to sector and stock to stock, but the indexes are remaining somewhat flat. We’ll let you know how the rest of the week plays out.
Have a nice evening everyone.
