No One Expected This…
The market is lower on
surprising economic data. Only 32,000 jobs were added in July, way
below estimates; unemployment was 5.5 percent. Economists polled were looking
for 228,000. The report signals the economy may not be as strong as expected,
and that rates may not rise as much as expected; the Fed meets on Tuesday August
10. Treasuries staged a huge rally. Gold is up $7.
The SPX has taken out YTD lows; the Dow remains above its YTD lows. Gold,
homebuilders, REITS and defensive (tobacco, brewers) stocks up.
OPEC is pumping at the highest levels since 1979
— 30 million bpd — and only Saudi Arabia has any spare capacity. Iraq exported
about 1.5 million bpd in July and is expected to increase that figure to between
1.8 and 1.8 million bpd, but security concerns remain an issue.
Word on the Street is that the Google IPO
scheduled for next week will be delayed.
| Dow | -74.63 | 9888.40 |
| S&P 500 | -7.78 | 1072.92 |
| Nasdaq | -19.10 | 1802.53 |
Strong today are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+2.63%, Utilities
(
UTY.X |
Quote |
Chart |
News |
PowerRating) +1.16%.
Weak today are: Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating)
-1.83% Cylicals
(
CYC.X |
Quote |
Chart |
News |
PowerRating) -1.79%, Insurance
(
IUX.X |
Quote |
Chart |
News |
PowerRating) -1.19%.
10-year Notes are +110 at 111 115
The dollar
is -1.34 at 88.30
Gold is +7.50 at 399.30
Crude Oil is -0.46 at
43.95
Volume is 726 million on
the NYSE and 835 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1374 | Up Vol 149 |
| Declining | 1840 | Down Vol 521 |
| Ratio | 1.33 | 3.49 |
| Nasdaq |
||
| Advancing | 619 | Up Vol 145 |
| Declining | 2283 | Down Vol 637 |
| Ratio | 3.68 | 4.39 |
Brice Wightman