Us Stocks Retreat On Economic Data
US stocks fell today, with the S&P’s 500 poised for a weekly drop, as DuPont cut its earnings forecast and commodity shares slumped across the board.
By Paolo Palazzi-Xirinachs
Saturday, June 28, 2014
After a very good quarter, it seems that the market is being cautious in lieu of some bad economic data that was reported this week. US stocks are poised for the third-slowest month in six years. About 5.6 billion shares have changed hands each day in June, trailing every month since 2008 except for the previous two Augusts, data compiled by Bloomberg show. The S&P 500 has failed to post a gain or loss exceeding 1% for 49 straight days, the longest stretch since 1995.
As of 1:30 PM EST in New York, the S&P 500 retreated 0.2% to 1,952.96. The benchmark index has advanced 4.5% this quarter, its sixth straight gain for the longest winning streak since 1998. The Dow Jones declined 62.62 points, or 0.4 %, to 16,783.51 today. The market appears to be listless with earnings and data coming in mixed all week, but stocks in general continue to look attractive relative to bonds, and it appears that we are fairly priced from a historical perspective.
In other economic news DuPont fell 4.7% after the maker of genetically-modified corn trimmed its full-year profit estimate as farmers switched to soybeans. Dollar General Corp. sank 7.2% after the company’s chief executive said he would retire. Nike Inc. (NKE) added 1.4% after the largest sporting-goods maker posted profit that beat analysts’ estimates. GoPro Inc. (GPRO) rose 17% after shares surged 31% yesterday in their trading debut.
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