Market Limps Into May: Dave's Daily
NEW YORK (ETF Digest) -- Stocks were lower led lower by tech as Apple (AAPL) shares saw sharp selling after the NY Times noted how it and other tech giants use loopholes to avoid taxes. You shocked? I should think not. Banks (KBE) and Materials (XLB) were also weaker on the session.
This should be an eventful week for markets as we close April but then are bombarded by some heavy duty economic indicators. Monday featured the Chicago PMI came in cold (56.2 vs 60.8 expected & prior 62.2); Dallas Fed Survey showed economic weakness; and, Personal Income & Spending was a touch better than expected (.Income 4% vs. .3% expected while Spending .3% vs.4% previous). Tuesday is the important ISM Survey, which should confirm weakness, while employment data (ADP Report Wednesday; Jobless Claims Thursday; and, the all-important Payrolls Report Friday) will then be much featured.
Earnings news will continue throughout much of May and those reports can enhance either buying or selling.
Let's not forget the election in France this Sunday which may create issues in the always worrisome eurozone.Gold (GLD) and the dollar (UUP) was flat overall while bonds (IEF) were only marginally higher. Volume was once again pathetically light which on a down day may be a good thing for a change. I suppose many investors are hiding while awaiting the key reports cited previously. Breadth per the WSJ was negative. Join the conversation on twitter and facebook. SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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