Bad News Erasing Yesterday's Gains

bull bullfight

After yesterday, when bulls ripped the bears to pieces, today is an entirely different day. 

U.S. consumer spending declined last month, the first time since the Cash for Clunkers program ended. Add to that the issues McAfee (MFE) is having and you’ve got a downer cocktail.

Currently, all the indexes have shed at least one percentage point, with the Dow and S&P500 competing neck and neck for title of Biggest Loser of the Day.

Tech stocks are down, with Oracle (ORCL) being the one of the few winners, up half a per cent. Even the telecoms, after days of rallying, are down, with Verizon (VZ), and Sprint (Q) heading falling as well.

Energy is tanking. Blame Shell (RDS.A), Valero (VLO) and Exxon-Mobil (XOM) for that headache.

Financials are tanking. Nearly every bank from Bank of America (BAC) to Citi (C) to Goldman Sachs (GS) is down over one per cent, and in some cases, nearly three per cent. 

Luckily, there is a saving grace to today so far. Consumer products along the lines of Kellogg’s (K) and McDonald’s (MCD) are up, as is Pepsi (PEP) and Coca-Cola (KO), though not by much. Target (TGT) is up 0.15 whilst its rival Walmart (WMT) is somewhere between falling and breakeven.

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