By Markus Heitkoetter
￼After an up and down trading session, stocks finished the day mixed.
Things looked good early, and the S&P was up over 1.3% in the first 2 hours of the day. But after making highs the momentum was lost. Stocks spent the rest of the day moving lower and wrapped up the day near session lows.
The S&P ended 0.12% higher. The S&P had a 2.5 point gain and closed at 1951.13.
The DOW finished with a 0.14% gain. With an increase of 23 points, the DOW ended the day at 16374.76.
The NASDAQ ended the day lower with a .35% loss. Dropping 16.5 points, the NASDAQ wrapped up the day at 4733.50. Today’s drop put the NASDAQ back in negative territory for the year.
There were a few items on today’s economic calendar to note.
Trade Balance came out lower than expected and Weekly Unemployment Claims came in higher than expected with 282K claims vs. 273K forecast. The ISM Non-Manufacturing PMI number was higher than expected, but the index showed a drop in July from 60.3 to 59.0. The index is based on a survey of purchasing managers and is viewed as a leading indicator on economic health.
As we approach the 3-day holiday weekend, we normally see light volume and quiet markets. But we also have tomorrow’s Jobs Report, the biggest report of the week to digest before the holiday weekend.
The monthly Jobs Report always attracts attention. But with employment a key metric that the Fed is using to time an interest rate hike, this month’s Jobs Report might get a little more attention than normal. The Fed has targeted an unemployment rate of 5% – 5.2%. Unemployment currently stands at 5.3%, at least according to government numbers.