Market Wrap-Up for June 4 (AXP, PNC, X, BHP, JCP, TXN, more)
The markets were certainly disappointed by this morning's weak jobs data, which most analysts had expected to showcase the census jobs' spike. One thing many of us know is that the job market continues to be tougher than a $2 steak right now, and that is a huge factor in getting this economy on solid footing.
We also hear things may be getting dicey in Hungary (memeber of the E.U.) regarding sovereign debt. The Euro is trading at a 4-year low, and the effects could soon be felt by companies here in the U.S. that do lots of business overseas. We are assessing how this could affect the names currently on our recommended list. We will certainly alert subscribers to any changes we decide to make.
In the meantime, selling hurt several areas we like to watch closely. Financials moved lower with State Street ( STT ) , PNC Financial ( PNC ) , and American Express ( AXP ) finishing in the red. Commodities continue to sell off, led by U.S. Steel ( X ) - which was downgraded by Goldman Sachs ( GS ) this morning. Also, BHP Billiton ( BHP ) and Cliffs Natural Resources ( CLF ) were lower. Lastly, retailers were down following yesterday's tepid monthly sales figures. J.C. Penney ( JCP ) led the march lower. Once again, volume picked up on this down day, with 6.18 Billion shares traded on the NYSE.
Next week will be another light week for earnings. Tech will be in the spotlight with Altera Corp ( ALTR ) and Texas Instruments ( TXN ) on the board. Be sure to catch this weekend's premium watchlists' updates over on Dividend.comn Premium. Despite the cautiousness we have had, we are still eyeing potential targets if opportunities arise.