The Lovely: Another shallow pullback for the major averages (so far)
Good:
- Stocks refuse to fall- Another shallow pullback (so far) for the major averages while leaders act strong and break out
- Merger & Acquisition news picked up. Several multi-billion deals announced: Microsoft (MSFT) & Nokia (NOK), Verizon (VZ) & Vodafone (VOD) & Jarden (JAH)/Yankee Candle. Read here
- ISM Manufacturing index jumped to 55.7 in August which was the fastest pace in over 2 years. Read here
- Chinese manufacturing hit a four month high and beat estimates Read here
- Euro-Zone factory activity beat estimates and rose at its fastest pace since May 2011. Read here
- Construction spending in the US rose 0.6% to an annual rate of $901 billion which beat the Street’s estimate for a gain of 0.3% Read here
- Weekly mortgage applications rose for the first time in four weeks Read here
- Auto sales surged in the US to their highest level since the financial crisis began in 2008. Read here
- Fed’s Beige Book said the economy expanded at a “modest to moderate” pace in most of the country between July and late August. Read here
- Global Central Banks maintain their easy-money policies. Read here
- Weekly jobless claims slid to a five-year low, falling 9k to a seasonally adjusted 323k and beat estimates for 330k. Read here
- Australia GDP grows by 2.6% in Q2, beating estimates for a gain of 2.5%. Read here
- ISM Service index surges to highest level since before the 2008 financial crisis
Bad:
- Interest rates jump
- Syria remains a threat
- Energy prices remain elevated
- The number of planned layoffs in August jumped 30% and hit their highest level in 6-months Read here
- ADP said private employers added 176k new jobs in August, just missing estimates for a gain of 180k. Read here
- US employers add 169k new jobs in August, missing estimates for 175k. Read here