Stocks Slip Despite Positive Data

Fall

While this morning saw lots of positive date, with jobless claims, Chicago PMI, and pending home sales impressing, but markets really didn’t care all that much on this slow trading day.

First, the scoreboard:

  • DOW down 0.14%
  • NASDAQ down 0.15%
  • S&P 500 down 0.15%

Now, the stories:

  • Chinese markets moved higher overnight, but Japan’s Nikkei sank 1.12% on worries over the strength of the yen. 
  • European stocks were lower, potentially on worries over rising German inflation.
  • Then the day finally kicked off in the U.S., and with a bang. Initial jobless claims down to 388,000. A huge beat, only tempered by the worry it could have been impacted by the holiday week.
  • Then, following on, a massive beat from the Chicago PMI. That too tempered by a worry, this one on the rising prices paid, indicating inflation was rising. 
  • Even pending home sales came in positive, beating expectations. Positivity here may have been tempered by Peter Schiff’s piece in the Wall Street Journal, which suggests house prices may have more than 20% more to fall.
  • Anadarko shares were up on a potential bid from BHP valuing the company at $90 a share. 
  • MBIA surged on the withdraw of two lawsuits. This may clear the path for the firm to divide up its business and start providing new insurance contracts.

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