Stocks Decline on Mixed Economic Data
Today's financial recap and tomorrow's financial outlook.
In early-morning trading, US futures were slightly down, indicating low expectations heading into the advance first-quarter GDP report. The caution was warranted as GDP expanded by 2.5%, which was well below the 2.8% consensus.
Then at 9:55 a.m., the April University of Michigan Sentiment Survey was released. Interestingly enough, stocks rose and the VIX (INDEXCBOE:VIX) fell just before the above-consensus 76.4 numbers. But the positivity didn't last as the GDP numbers, as well what has been a relatively mediocre earnings season, loomed large in traders' minds.
(For fixed-income guru Peter Tchir's take on the US Treasury Market, we highly recommend watching a replay of our recent webinar, here.)
Monday's Financial Outlook
Given the recent streak of mixed economic and earnings data, we would suspect that expectations are fairly low heading into next week. Nonetheless, many market participants are desperately waiting for a catalyst for a pullback, so at least some caution is probably warranted.
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