Concerns Over Syria Drive Volatility

By Minyanville Staff  AUG 30, 2013 4:25 PM

Today's financial recap and tomorrow's financial outlook.

 


Markets saw volatility today as Secretary of State John Kerry turned up the rhetorical heat on Syria.

In a midday speech, Secretary Kerry made a case for some type of action against the Assad regime for its use of chemical weapons, sending a shiver down the S&P 500's (INDEXSP:.INX) spine and pushing oil higher.

However, markets stabilized after an assurance that any action would be limited and not comparable to Iraq and Afghanistan.

At day's end, the S&P finished down 0.3% at 1632.97.

We received a decent amount of economic data today, much of it disappointing.

July Personal Income and Personal Spending each came in at a lower-than-expected +0.1%. The Chicago PMI was in line with expectations at 53.0, while the Milwaukee ISM came in at 48.21, well below Wall Street's forecasts.

On the positive side, the final August University of Michigan Sentiment number was reported at 82.1, beating the 80.5 consensus.
 
In stock news, share of software makers Salesforce.com (NYSE:CRM) and Splunk (NASDAQ:SPLK) rose sharply after reporting strong earnings.

Tuesday's Financial Outlook
 
Note that markets will be closed on Monday in observance of Labor Day.

At 10:00 a.m. ET, the August ISM Index will be reported. The consensus currently stands at 54.0.

July Construction Spending will also be delivered, with current forecasts calling for 0.3% growth.

The earnings calendar is pretty thin, with ABM Industries (NYSE:ABM) being the only notable name reporting on Tuesday.

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