Another brutal week for investors. With surging interest rates, foreign currency turmoil and fears of a global recession, last week, the Dow Jones gave up 4%, the S&P 500 was down 4.65% and the Nasdaq shed 5.07%.
Economic reports from last week came back mixed: •Homebuilder Sentiment - worse than expectation •New Residential Construction - worse than expectation •Existing Home Sales - better than expectation •Manufacturing (Kansas City) - worse than expectation •Jobless Claims - better than expectation This week, investors will look for guidance from economic reports like National Economic Activity, Manufacturing, Housing, Consumer Confidence & Sentiment, Personal Income and Jobless Claims.