Renewed fears of a recession dragged stocks lower and into correction territory. Last week, the Dow Jones was down 2.1%, the S&P 500 was lower by 2.5% and the Nasdaq fell 2.6%. Even with strong economic reports, investors are still expecting the US economy to slow down.
Economic reports from last week came back mixed:
•National Economic Activity - lower than expectation
•New Home Sales - higher than expectation
•Pending Home Sales - higher than expectation
•Personal Income - lower than expectation
•Consumer Sentiment - higher than expectation
•Jobless Claims - higher than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence, Employment, Job Openings, Construction Spending, Vehicle Sales, Labor Productivity and Jobless Claims.
Comments