More Weakness in Economic Data
The markets are selling off in early trading on the heels of another weak manufacturing report. The ISM Index came in at 49.5 vs. 52 consensus. This has the markets worried that the economy may be weakening.
Stocks are coming under selling pressure, but it is still early. Yesterday, we saw the markets shake off early weakness and finish flat. Today, December 1, historically has been a strong day for the market. So we shall see.
The 10-year yield, which has been signaling a greater worry about economic growth vs. inflation for some time, is down to 4.45%. More inversion, more pressure on the Fed to cut.
In other news and notes:
- New alert on possible Internet attack on financial websites
- Thomas Weisel says weak dollar could help large biotechs
- Channel checks show aggressive pricing by GRMN (TW)
- BofA makes VLO their top pick
- UNH appoints new CEO (former COO)
- Stanford raises GOOG target to $615
- ISE reports ave. daily trading volume +22.2%
long GOOG, ISE