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Small Caps Get Left Behind

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

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Stocks turned in a mixed day as the S&P 500 (INDEXSP:.INX) finished in positive territory, but the action below the surface was a bit ugly.

The small-cap Russell 2000 (INDEXRUSSELL:RUT), which is considered more economically sensitive, sold off, underperforming by 0.7%, while the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC) slumped as Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) slipped.

Additionally, crude oil broke below the $95 mark, dragging down energy stocks

We saw a piece of positive economic data as the September ISM Index came in at 56.4, beating the 55.0 consensus and slightly exceeding last month's figure of 56.2.

However, we also saw October auto sales from the major carmakers today, which were generally below expectations. General Motors (NYSE:GM) managed to beat expectations, but Ford (NYSE:F), Toyota (NYSE:TM), and Chrysler all disappointed. However, the government shutdown may have had a negative impact on their results, so it's too early to declare the month a disaster.

In earnings news, First Solar (NASDAQ:FSLR) was a notable winner, rising 18% after reporting much better than expected earnings after the close Thursday. And on the negative side, energy giant Chevron (NYSE:CVX) missed on both the top and bottom lines, though part of its sell-off can be explained by the aforementioned slump in oil prices.

Tomorrow's Financial Outlook

Earnings season will continue winding down next week, but we have some big names on the calendar. Kellogg (NYSE:K) will report before the open, with OfficeMax (NYSE:OMX), Office Depot (NYSE:ODP), and CF Industries (NYSE:CF) delivering numbers after the close.

On the economic front, the ISM-New York Report will be reported at 9:45 a.m. EDT. And at 10:00 a.m., August and September Factory Orders will be released. Consensus stands at 0.3% and 1.8%, respectively.

Twitter: @Minyanville

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No positions in stocks mentioned.

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.

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