Stocks are setting up for another down day after yesterday’s big sell-off.
After spending much of the morning in the green, the Dow, S&P and Nasdaq are now all in the red.
Today’s action comes as the big automakers report their December sales.
So far, Chrysler, Ford, GM, and Toyota all missed expectations.
Analysts had been expecting to see total vehicle sales of 16.00 million units at an annualized rate.
“After a strong end to November over Black Friday weekend lifted sales for the month to six-year high of 16.3 million units annualized, initial mid-month industry surveys observed some slowing in sales in the first half of December, reflecting the pull forward into November as well as a drag from December winter storm,” said Morgan Stanley’s Ted Wieseman. “Renewed upside was expected in the second half of the month, but overall December sales may show a 5% pullback after jumping 8% in November.”
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