Three big down days in a row… this is starting to look like a trend.
But first, the scoreboard:
S&P 500: -9.5
And now the top stories:
- The day started off negatively in Europe, as fresh economic data confirmed that a soft patch is here. Indices across the continent sold off.
- In the US, the negative tone was set by a weak initial jobless claims report, ending some momentum that we’d seen in previous weeks. Housing data at 10:00 AM came in slightly better than expected, but due to inventory issues it seems clear that home prices will continue to decline.
- Market momentum seems to be down-shifting. It was a pretty news-less, volume-less day, the likes of which made for a bullish environment last week. Yet for three days now, markets have sold off. Traders may be particularly concerned by the fact that intense selling came near the end of the day.