Courtesy of John Nyaradi
Stock markets declined and look nervous ahead of August Employment Report
Markets broke their winning streak today as economic reports remained mediocre and investors wait for tomorrow’s Non Farm Payroll Report.
The August ISM report came in at 50.6, down from 50.9 previously and just above contraction level, however, still logged in as the worst ISM reading in two years.
July Construction Spending declined -1.3% compared to a previous reading of +1.6% and this was the largest drop this year.
Unemployment claims dropped to 409,000 from 421,000 but still cling stubbornly to the +400,000 level.
August turned in the worst stock market performance in 10 years and now we enter the traditionally scary month of September.
Stock Market Summary
DJIA: (DIA) -120; -1.0%
NASDAQ(QQQ) -33.4; -1.3%
S&P 500: (SPY) -14.5; -1.2%
Russell 2000 (IWM) -18; -2.5%
Tomorrow comes the all important August Non Farm Payrolls and August Unemployment Reports.
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