Stocks are lower, with the blue-chip Dow losing over 100 points in trading on Monday morning.
Near 10:47 a.m. ET, the Dow was down 96 points, the S&P 500 was down 5 points, and the Nasdaq was down 9 points.
It was much uglier in Greece, where the Athens Stock Exchange (ASE) index, which reopened after a five-week closure, fell 23%.
Crude oil is sliding to new lows. West Texas Intermediate crude fell 2% and slipped below $US45 per barrel, the lowest level since mid-March.
It’s a busy month for US economic data in what’s the crucial period before the Fed possibly raises rates in September, as many in the market expect.
To start off, we got manufacturing data this morning. The Institue of Supply Management’s manufacturing report leaked, coming in at 52.7 for July versus the consensus forecast, June print, and year-to-date high of 53.5.
US auto sales crushed it last month. The data is rolling in throughout the day and we’re keeping track here. It’s been a beat on expectations all around so far. GM sales rose 6.4% (0.4% estimated), and Ford sales jumped 4.9% (1.8) forecast).