Photo: Flickr/Tinou Bao
Stocks finally took a breather today, going nowhere after 5 straight days of huge gains last week.But first, the scoreboard:
S&P 500: -1.52
And now, the top stories:
- You might think that after three days off, there would be some pent up news. You’d be wrong. Very little happened over the weekend, and it seems that half the market was taking an extra day of vacation today.
- There was some data. European ISM Services numbers were generally lower than expected. The US factory orders number for May was also bit lower than expected. Nobody really seemed to care very much.
- There were some headlines about Greece, and S&P not accepting the bailout plan, but for now nobody cares, although… there are definite signs of deterioration elsewhere in Europe. Italy, for example, lost another 1%, as contagion fears weigh on its banks. At around 2PM ET today, Moody’s downgraded Portugal to junk on contagion fears.
- The big movement was on the commodities front. Gold added $33/oz. Silver was up over 5%. Oil was up big, more than erasing last week’s IEA release.
- Internally, stocks were not so consistent. Financials once again lagged badly. The rare earth stocks, like MolyCorp, did badly on news that the WTO may strike against China’s strategy of hoarding. Tech did very well. Apple was up over 1.8%. Right now, it’s a waiting period ahead of earnings season, which really gets going next week, and this Friday’s big jobs report.
- Also on the stock front: We saw a major turnaround in the China names (SINA, BIDU) and some red-hot momentum stocks like Chipotle, Netflix, and Lululemon all had huge days.
- Click here to see how the top 15 retailers in America are performing >