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Stocks Decline on Mixed Economic Data
4/26/2013 4:25:00 PM
Following early volatility on the back of conflicting economic
data reports, the
(INDEXSP:.INX) finished modestly lower on the day.
Amazon ( AMZN ) was a notable decliner today following its earnings report on Thursday. After an initial reaction that saw the stock trade as high as $290.88 yesterday afternoon, the company's tepid revenue guidance shut the party down and the stock fell 7% on Friday.
Elsewhere, we saw a sharp rally in JC Penney (JCP) on news that George Soros took a large stake in the struggling retailer, while Facebook (FB) powered higher on an analyst upgrade.
The cautious tone among stock traders extended to the bond market, as the US 10-year Treasury Yield fell throughout the day.
(For fixed-income guru Peter Tchir's take on the US Treasury Market, we highly recommend watching a replay of our recent webinar, here .)
Monday's Financial Outlook
On Monday, we have some important economic data points on the
calendar, with the Personal Income, Personal Spending, and PCE
Price coming at 8:30 a.m. EDT. At 10:00 a.m., we'll see the March
Pending Home Sales report.
Given the recent streak of mixed economic and earnings data, we would suspect that expectations are fairly low heading into next week. Nonetheless, many market participants are desperately waiting for a catalyst for a pullback, so at least some caution is probably warranted.