Stocks Slip Up On Awful US Data: Here's What You Need To Know

Sad American Fans

Photo: David Blackwell via Flickr

Bad news on jobless claims, the PPI, and revised Philly Fed data sent stocks lower today, as a Merck slipped and dragged down the DOW.First, the scoreboard:

  • DOW down 0.20%
  • S&P 500 down 0.17%
  • NASDAQ down 0.07%

Now, the headlines:

  • In Asia overnight major indices were higher, but inflation fears continued to dominate the sub-continent, with India’s BSE down over 1.4%.
  • In Europe, Spain followed up Portugal’s strong bond auction with one of its own, and the Spanish IBEX zoomed higher.
  • ECB President Jean-Claude Trichet ratcheted up the hawkish rhetoric on inflation within the eurozone, but the bank ket rates unchanged (so did the Bank of England). The euro zoomed higher.
  • U.S. data then debuted and it was a slew of bad news. First, jobless claims came in weaker than expected. This was followed by a PPI number that signaled rising costs for businesses, and inflation worries for the rest of us. Finally, the Philly Fed revised down their original call on last months data.
  • Merck pulled the DOW down due to a decline of over 6% based on poor performance for its new stroke drug. It now intends to stop trials.
  • Don’t forget, Intel earnings after the bell.
  • Losing faith in this market? Check out the 13 signs the market is forming another bubble >

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