Photo: Wikimedia Commons
After yesterday’s splat some were hoping for a nice snapback. Nope.But first, the scoreboard:
S&P 500: +0.59
And now, the top stories:
- Obviously two huge themes continue to dominate everything: The weakening US economy and the European crisis. Today we really got nothing on either.
- The early going in Asia was very negative, as markets responded to Friday’s big selloff. China was slammed right out of the gate on some bad loan growth data, although in the end stocks came back a bit. Japan started in the red but bounced back.
- While there were no huge headlines, PIIGS CDS and spreads continue to blow out. Greek 2-year yields are above 26%. Later in the day, S&P would downgrade Greece to CCC.
- In the US the mood was back and forth, with stocks rising early on, then giving it all up, and then coming back, and then ending where they did. The more dramatic action was in the commodity front. Silver got demolished, Oil got hit hard pretty too, in a sign that growth fears continue to rage, even if stocks take a break from carnage.
- There wasn’t a whole lot of corporate news, either (it’s going to be fairly quiet this week, though NEXT week should be a wild one). A few deals (Wendy’s selling Arby’s most notably) helped bullish sentiment a touch this morning. Tomorrow Best Buy comes out with earnings, which could be interesting. Banks, like JPMorgan and Bank of America bounced back decently.
- The NASDAQ — once again — was the big loser. Click here for a guide to the major carnage in tech stocks >
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