The stock market’s 3-day winning streak is at risk.
The Dow is down 111 points. The S&P is down 9 points.
We got two big economic reports this morning.
First was Chicago PMI, which fell to 51.6 from 58.7 in May. It was also below the economists’ consensus estimate of 55.0. This suggests the economy in the midwest is decelerating.
Second was the University of Michigan’s reading of consumer confidence. The headline number came in at 84.1, beating the consensus estimate of 83.0. However, this was down from the May reading of 84.5. Economists speculate that confidence was likely rattled by volatility in the markets.
In other market news, bonds are selling off on heavy volume, sending interest rates up.
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