Stocks Slip As S&p Eyes Recovery
Stock futures were edging down in value as the trade week began after one of the three major indexes endured its roughest week in about two weeks.
Tuesday, June 17, 2014 - 00:00
The escalating violence in Iraq between the national military services and Sunni Islamic militants also negatively impacts stock futures. Amid fears of a full-blown civil war, the US might open discussions with Iran as a method of quashing the uprising. Iran has been supporting its western neighbor while the militants have captured terrain and taken a toll on members of Iraq's military.
Just after 10 a.m. in New York, the Nasdaq edged up 0.19%, a fall of 8.19 points to 4,319.66; the S&P 500 moderately rose 0.14%, a climb of 2.89 points to 1,939.53; and the Dow fell 0.06%, a drop of 10.54 points to 16,765.2. The markets also were pinched by geopolitical tensions in other hotspots. Ukraine failed to remit payments for natural gas provided by a Russian company, which could spawn strife that manifests in the form of disrupted supplies to regions of Europe.
New York Fed numbers rise
But market losses early on Monday were tempered by strong data regarding one of the nation's most active metropolitan districts. Manufacturing conditions in the New York region climbed higher than expected during the final month of the first half of the year, Investing.com reports.
The New York Fed released data noting gains in the index of general business conditions. After checking in last month slightly higher than 19, the metric registered at 19.28 in June. Economists and analysts said the data would slip to 15, so the actual figure released on Monday morning exceeded expectations. Showing that the US economy continues its upward march after the Great Recession, the data comes one day prior to Fed policy makers convening for two days of meetings.
As the fifth policy meeting of the year, the in-gathering is likely to include discussion about next steps for economy-spurring monetary stimulus measures. Each of the four previous meetings has resulted in the body opting to slash monthly debt purchases by $10 billion, with an eye toward closing the program by the end of this year.
The New York Fed also released data noting new orders surged this month to 18.4 after having checked in at slightly more than 10 in May.
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