[credit provider=”Roel Driever on flickr” url=”http://www.flickr.com/photos/driever/2904533190/”]
It was a mixed market, but compared to the situation in the middle of the day, it was a big win for the bulls.But first, the scoreboard:
S&P 500: -1.18
And now, the top stories:
- DSK aside, there’s no question right now that the big themes of the market are: commodity weakness and economic softening, with a dollop of Euro crisis fears thrown in. Today we got more of all of those.
- To start, the Asian session was fairly uneventful. So we’ll move on.
- Europe continues to be consumed by Greece. The word of the day is “reprofiling” as Euro leaders figure out how to restructure Greek debt, but in a really soft and innocuous way that doesn’t change anything. Good luck on that. Interestingly, core-European equity markets are looking weak, as contagion fears spread. The euro currency itself had a strong day.
- 4:30 AM ET brought the daily dose of bad news from the UK. Inflation for April was hotter than expected. Rock, meet hard place.
- In the US, there was negative news on both the econ and corporate fronts. Walmart earnings were pretty mediocre. HP earnings were just bad. New home sales came in way weaker than expected, and industrial production was bad thanks to the situation in Japan, and its effect on the auto industry. Deutsche Bank ended up slashing its Q2 GDP estimate.
- In the middle of the day, stocks were getting killed, with the Dow off over 130. Silver was below $33, and oil was around $95. They rebounded, but silver and oil did both end up lower. Treasuries continue to simply motor higher. Some of those big Chinese net stocks that have been getting killed — like RenRen and Sina — finally caught a bounce. For some uber-bearish China reading, see here >
- Looking for brighter growth? Here’s 13 countries that will grow like crazy for decades >