Stock Market Today: Energy Sector Drags on Stocks
Stocks started August on shaky footing, with markets struggling to find direction following their best month since 2020. Much of last week''s gains came on the heels of well-received tech earnings . And while the earnings calendar heats up later this week, the main focus on Monday was economic data. Namely, the Institute for Supply Management''s purchasing manager''s index (PMI) – a measure of factory activity in the U.S. – fell to 52.8 in July from 53.0 in June. SEE MORE 10 Bond Funds to Buy Now "Manufacturing was still expanding in July, but at the slowest rate in over two years," says Jeffrey Roach, chief economist for independent broker-dealer LPL Financial. "As demand slows and supply bottlenecks improve, we should expect a corresponding slowdown in inflation during the back half of this year." Separately, the Commerce Department released data this morning that showed construction spending fell 1.1% month-over-month in June – due in part to a 3.1% drop in single-family homes (the largest one-month drop in this metric since the start of the pandemic).
Stock Market Today: Energy Sector Drags on Stocks
Stocks started August on shaky footing, with markets struggling to find direction following their best month since 2020. Much of last week''s gains came on the heels of well-received tech earnings . And while the earnings calendar heats up later this week, the main focus on Monday was economic data. Namely, the Institute for Supply Management''s purchasing manager''s index (PMI) – a measure of factory activity in the U.S. – fell to 52.8 in July from 53.0 in June. SEE MORE 10 Bond Funds to Buy Now "Manufacturing was still expanding in July, but at the slowest rate in over two years," says Jeffrey Roach, chief economist for independent broker-dealer LPL Financial. "As demand slows and supply bottlenecks improve, we should expect a corresponding slowdown in inflation during the back half of this year." Separately, the Commerce Department released data this morning that showed construction spending fell 1.1% month-over-month in June – due in part to a 3.1% drop in single-family homes (the largest one-month drop in this metric since the start of the pandemic).