Photo: Flickr / Ruin Raider
An early 100 point gain in the Dow disappeared just like that.First the scoreboard:
Dow: 12,653, -83.1, -0.6%
S&P 500: 1,341, -10.9, -0.8%
NASDAQ: 2,902, -29.4, -1.0%
And now the top stories:
- Some of the latest economic data points have been painting an increasingly worrisome picture of the economy. Last night, China’s June trade data showed that year-over-year import growth plunged to 6.3 per cent from 12.7 per cent in May. This is worrisome because China is perhaps the key growth engine in the global economy. SEE ALSO: 10 Ways China Is Changing The World >
- The NFIB Small Business Optimism survey fell to 91.4, down from 94.4 a month ago. This was much worse than the 93.3 that economists were expecting. From the NFIB: “The decline is significant, relinquished the gains achieved earlier this year and is a clear indication of slow growth. Only one of the 10 Index components improved, expected credit conditions.”
- All of this was good news only to the bears. This morning, ECRI’s Lakshman Achuthan told Bloomberg’s Tom Keene, “I think we’re in a recession already.” However, today’s market sell off could just be some seasonal angst that could precede a rally. “The market is behaving like it is nervously expecting a big event,” wrote LPL Financial’s Jeff Kleintop.
- JC Penney shares got slammed today. The company announced that it would be cutting 350 jobs from its corporate headquarters as part of its ongoing restructuring plan. This is in addition to the 600 employees laid off in April.
- Research In Motion continued its epic tumble today. According to Bloomberg, the company will sell one of its corporate jets in an effort to save a little money. SEE ALSO: Here’s what the largest companies are telling us about the state of the economy >
- Engine manufacturer Cummins Inc. got slammed today after cutting Q2 guidance. “We have seen demand in some markets weaken recently as growth in the global economy has slowed,” Cummins CEO Tom Linebarger said. “Order trends in the U.S. for trucks and power generation equipment have softened and demand in Brazil, China and India is not improving as we had previously expected.” SEE ALSO: BofA Expects These 7 Stocks To Miss Expectations This Earnings Season >
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