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.
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