Stock Market Today: Weak Data Opens Trap Door Under Stocks
Stocks started the day on solid footing as investors cheered reports that China is easing back its COVID-related restrictions by reducing the quarantine period for international travelers coming into the country to 10 days from 21 days. Those gains were short-lived, however, with markets taking a sharp turn lower after a round of weak economic data here at home. SEE MORE The 10 Best Stocks for a Bear Market For starters, the Richmond Fed Manufacturing Index, which measures manufacturing activity along the East Coast, fell to -19 in June from -9 in May, marking its lowest reading since May 2020. Additionally, the Conference Board''s latest consumer confidence survey fell to 98.7 in June, its second consecutive monthly decline and lowest level since February 2021. "Continued pressure from rising prices is clearly impacting the mindset of the consumer," says Cliff Hodge, chief investment officer for Cornerstone Wealth. "Getting inflation under control will be the Fed''s number one priority.
Stock Market Today: Weak Data Opens Trap Door Under Stocks
Stocks started the day on solid footing as investors cheered reports that China is easing back its COVID-related restrictions by reducing the quarantine period for international travelers coming into the country to 10 days from 21 days. Those gains were short-lived, however, with markets taking a sharp turn lower after a round of weak economic data here at home. SEE MORE The 10 Best Stocks for a Bear Market For starters, the Richmond Fed Manufacturing Index, which measures manufacturing activity along the East Coast, fell to -19 in June from -9 in May, marking its lowest reading since May 2020. Additionally, the Conference Board''s latest consumer confidence survey fell to 98.7 in June, its second consecutive monthly decline and lowest level since February 2021. "Continued pressure from rising prices is clearly impacting the mindset of the consumer," says Cliff Hodge, chief investment officer for Cornerstone Wealth. "Getting inflation under control will be the Fed''s number one priority.