Credit: Shutterstock photoStocks are trying to hold their ground after pulling back to a potential support level yesterday.
S&P 500 futures are little-changed this morning, while most other indexes are lower. European markets are down roughly 0.5 percent, and most Asian markets posted similar declines overnight.
The S&P 500 fell 0.6 percent yesterday, its sharpest drop in two weeks, and is attempting to hold the same 1950 level where it peaked two weeks ago. While the index has climbed to record highs this month, other key measures such as the transportation index and Russell 2000 small-cap benchmark have lagged.
Gains have also focused on an increasingly narrow set of stocks in the energy and utility sectors in the last two weeks, according to our researchLAB market scanner. Technology and industrials have declined during the same period.
Attention now focuses on durable-goods orders and the final estimate for first-quarter economic growth at 8:30 a.m. ET. Crude-oil inventories follow at 10:30 a.m. ET. Tomorrow brings weekly jobless claims, and next week is very busy with manufacturing and employment data. It also ends early because of the Independence Day holiday on Friday, and then corporate earnings start flowing the following week.
Most data has shown the economy improving. Housing numbers have been strong this week, and consumer confidence was better than expected yesterday. But investors must now decide how much of the good news is already priced into the market--especially with the summer approaching.
In company-specific news, General Mills is down 3 percent after quarterly results missed estimates, and Valmont Industries is likely to drop after announcing weak guidance. This morning's other big names include Monsanto, Apollo Group and Barnes & Noble. Bed Bath & Beyond follows after the closing bell.
Gold and silver are down about half a percent, while energy futures are mixed. There are no big movers in currency markets.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
