Monday's Market: In A New York Instant, Everything Can Change
By David Fry (ETF Digest): The global contraction has reached U.S. markets. The week in U.S. markets was going to be difficult and challenging with employment and ISM data dominating combined with earnings. Overall, things were okay given the heavy dose of data until Thursday afternoon when investors began to bail from markets. The ADP Employment report Wednesday wasn't inspiring but the ISM Mfg Index was better than expected. Jobless Claims Thursday were also better than expected but the ISM Services data was a big miss leading to selling. Eurozone unemployment Thursday was reported at 10.9% and Friday the eurozone reported the PMI was 46.9 vs 49.2 confirming a likely recession. Friday's U.S. Non-Farm Payrolls Report showed only 115K new jobs with over 500K workers leaving the employment rolls. Further, it's reported that over 700K people will lose their unemployment benefits in June. The previously bullish increase in stocks came undone in a New YorkComplete Story »
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