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.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter