IMF Issues Housing Warning, Stocks Drop Steeply, Tyson Profit Failure

  • July 28, 2008
  • David Goodboy

The International Monetary Fund stated no end in sight for the housing crisis causing another hit to financial shares which led the indexes on a steep decline. The DJIA fell -239.61 to 11131.08, the Nasdaq gave back -46.32 to settle at 2264.21 and the S&P 500 dropped -23.39 to 1234.37.

Tyson Foods
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Sirius Radio
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Kraft Foods
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Amgen
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Oil added $1.44 to $124.70/barrel, gold climbed $3.30 to $940.20 and the VIX added 5.76% to 24.23.

Market Snapshot

Dow

 -239.61 11131.08

NASDAQ

 -46.32 2264.21

S&P 500

 -23.39 1234.37

Economic
News

Consumer Confidence (Jul): Consensus 50.0, Prior 50.4

ADP Employment (Jul): Consensus -60K, Prior -79K

Crude Inventories (07/26): Consensus NA, Prior -1558K

Chain Deflator (Q2): Consensus 2.3%, Prior 2.7%

Employment Cost Index (Q2): Consensus 0.7%, Prior 0.7%

GDP-Adv. (Q2): Consensus 2.3%, Prior 1.0%

Initial Claims (07/26): Consensus 395K, Prior 406K

Chicago PM (Q2): Consensus 49.0, Prior 49.6

Auto Sales (Jul): Consensus NA, Prior 4.9M

Truck Sales (Jul): Consensus NA, Prior 5.0M

Average Workweek (Jul): Consensus 33.7, Prior 33.7

Hourly Earnings (Jul): Consensus 0.3%, Prior 0.3%

Nonfarm Payrolls (Jul): Consensus -75K, Prior -62K

Unemployment Rate (Jul): Consensus 5.6%, Prior 5.5%

Construction Spending (Jun): Consensus -0.3%, Prior -0.4%

ISM Index (Jul): Consensus 49.2, Prior 50.2

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