Strong Chinese manufacturing data and weaker European business activity prompted US stock futures to minimally change on Monday in the aftermath of a major index marking a six-day bullish trend.
Tuesday, June 24, 2014
The Monday trade session comes after the S&P closed on Friday at record-high levels, Bloomberg reports. The divider between growth and contraction for both metrics is 50. Just after 10 a.m. in New York, the Nasdaq moderately rose 0.2%, a gain of 1.09 points to 4,368.98; the S&P 500 edged up 0.03%, a climb of 0.4 points to 1,963.08; and the Dow slightly rose 0.13%, an increase of 22.64 points at 16,924.44.
The Asian nation's HSBC manufacturing Purchasing Managers' Index checked in at 50.8 this month after registering at 49.4 in May. But the Purchasing Managers' Index for the euro zone dropped to 52.8 this month after May's tally of 53.5.
The purchasing managers' data in France, host of the euro zone's second-largest economy, was particularly low, which drew attention and pulled down regional data.
S&P marks six-day gains
The Monday trade session comes after the S&P closed on Friday at record-high levels, Bloomberg reports. Markit Economics is releasing this month's US manufacturing data, which registered at 56.4 in May. The National Association of Realtors is set to release data regarding the sale of previously owned US homes.
Iraqi strife causes concerns
Unsettling developments about Iraq and its ongoing internal struggles are chilling markets as the trade week opens. The Washington Post reports the nation's military is in crisis after losing sizable ground to Sunni Islamic militants. The forces are fighting with compromised equipment and low morale because of mass desertions, while the militants have taken control of weapons and vehicles that the US provided Iraq.
Prime Minister Nouri al-Maliki's grasp on power is slipping, which comes as President Obama dispatched 300 military advisors for assessments. Those military officials are making their way into the Iraqi theater on a gradual basis. They will be dispersed throughout the nation. Their assessment will include briefings as to what is happening with the Iraqi military and what the service needs. US Secretary of State John Kerry arrived in Baghdad on Monday and he and al-Maliki conducted discussions. Kerry's emphasis is persuading the government of Iraq to share power as a method of controlling the violence.
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