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Stock Market Likely To Decline On Wednesday

By jnyaradi
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Courtesy of John Nyaradi.

US Stock Market likely to decline further today in response to continued Congressional bickering

Stocks, ETF, Daily Market Wrap, SPX, SPX Chart, NYSEARCA:DIA, NYSEARCA:SPY, NASDAQ:QQQ, NYSEARCA:IWM, NYSEARCA:USOThe US Stock Market and ETFs will likely continue to decline today in response to continued Congressional bickering and in response to today’s negative expectations regarding new economic data.

All three US Indexes and their respective ETFs failed to perform yesterday, with the S&P 500 (NYSEARCA:SPY) losing .26%, the NASDAQ Composite (NASDAQ:QQQ) gaining a shy .08%, and with the Dow Jones Industrial Average (NYSEARCA:DIA) losing .43%.  Although European markets finished strong yesterday with the DAX gaining .34% and the FTSE adding .85%, Asia appears to be losing ground at the time of this writing.  All in all, markets abroad appear mixed, so we will likely feel mixed sentiment today at home as well.

On the economic reports side of things, we are expecting a new Durable Goods Orders report, a New Housing Starts report, and a new Household Debt report, all of which analysts forecast to be negative.  Judging by yesterday’s lackluster Consumer Confidence Report, I would be surprised if today brings good news.  Investors never like bad economic data, so today could be another perfect day in the red.

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