Markets saw volatility today as Secretary of State John Kerry
turned up the rhetorical heat on Syria.
In a midday speech, Secretary Kerry made a case for some type of
action against the Assad regime for its use of chemical weapons,
sending a shiver down the
(INDEXSP:.INX) spine and pushing oil higher.
However, markets stabilized after an assurance that any action
would be limited and not comparable to Iraq and Afghanistan.
At day's end, the S&P finished down 0.3% at 1632.97.
We received a decent amount of economic data today, much of it
July Personal Income and Personal Spending each came in at a
lower-than-expected +0.1%. The Chicago PMI was in line with
expectations at 53.0, while the Milwaukee ISM came in at 48.21,
well below Wall Street's forecasts.
On the positive side, the final August University of Michigan
Sentiment number was reported at 82.1, beating the 80.5 consensus.
In stock news, share of software makers
) rose sharply after reporting strong earnings.
Tuesday's Financial Outlook
Note that markets will be closedon Monday in observance of Labor
At10:00 a.m. ET , the August ISM Index will be reported. The
consensus currently stands at 54.0.
July Construction Spending will also be delivered, with current
forecasts calling for 0.3% growth.
The earnings calendar is pretty thin, with
) being the only notable name reportingon Tuesday .