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Stocks Down Across The Board Ahead Of FOMC

By  +Follow July 29, 2013 4:14PM
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Stocks ended the day lower on Monday to kick off a week that promises a wealth of economic data ahead of the Labor Department’s jobs report on Friday.

The Standard & Poor’s 500 ended the day 0.37 percent lower at 1,685.33 points, while the Dow Jones Industrial Average shed 0.24 percent to close at 15,521.97 points, and the NASDAQ saw a loss of 0.39 percent to finish off at 3,599.14 points.

The pending home sales report was released, indicating that contracts to purchase previously owned homes in the US retreated from a six-year high during the month of June. The National Association of Realtors saw its pending home sales index drop 0.4 percent to 110.9, while May’s index was revised downward from 112.3 to 111.3. The results for June came against expectations of a 1 percent drop, yet another display of the modestly improving strength of the housing market.

Meanwhile, the Federal Reserve Bank of Dallas’s manufacturing survey was released, showing that manufacturing activity in the state fell from 17.1 to 11.4 for the month of June. The general business activity index meanwhile was down from 6.5 to 4.4, in the opposite direction of estimates of 7.3.

On top of the economic data, stocks will also have to contend with the continuing blizzard of earnings report releases that continue in earnest on Tuesday. Companies such as US Steel Corp. (X) , JetBlue Airways Corp. (JBLU) , Pfizer Inc. (PFE) , and Proctor & Gamble (PG) , will be reporting.

The big news, as usual, will come out of the Fed on Wednesday at the conclusion of the monthly two-day Federal Open Market Committee meeting, after which investors will be on the lookout for any indications about the future of stimulus policy. It has become more or less expected that the central bank will begin tapering its $85 billion in monthly asset-purchases come September.

On the S&P 500, US drug manufacturer Perrigo Co. (PRGO) fell 6.7 percent to end at $125.23 after the company announced the acquisition of Irish drug-maker Elan for $8.6 billion. Shares for Elan were up 4.2 percent to $15.56.

Online travel site Expedia (EXPE) continued its decline after last week’s disappointing earnings report, down 2.35 percent, and energy drink-maker Monster was almost 4 percent lower.

Agricultural chemical maker CF Industries Holdings Inc. (CF) led the S&P on the upside, jumping 10.5 percent to end the day at over $200 per share after Daniel Loeb’s Third Point revealed a stake in the company.

Bank of America (BAC) , Hewlett-Packard Co. (HPQ) and Chevron Corp. (CVX) weighed heavily on the Dow, while on the NASDAQ tech shares were down, with losses for Research In Motion Limited (BBRY) , Groupon Inc. (GRPN) , and Yahoo! Inc. (YHOO) .

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for X
Fahad Khalid
30 Oct 14 22:20:39
Blog Post: Things I Learned This Week $RDC $TGI $SPR $X $PRXL $Q http://t.co/EWu6g3EYs4
nasdaqfan
30 Oct 14 21:49:04
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Mimay.
30 Oct 14 21:33:41
$x@MhU@ntH4h Xs!r1
NotANinja
30 Oct 14 21:05:05
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IH NASDAQ OMX
30 Oct 14 20:46:50
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Stock_Tracker
30 Oct 14 20:44:40
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Ken Smooth Sinatra
30 Oct 14 20:38:34
Saturday afternoon/evening it's going diiiiiinnneeee maaannggg...I got my lean on standby bc that $x$™vol 1 droppin by dat boi @settle4LES
Langan Stocks
30 Oct 14 19:46:56
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Ken Smooth Sinatra
30 Oct 14 19:32:28
$x$™vol 1 Saturday @settle4LES #Americangreed next Saturday @CornerBoyP #JLR it don't stop...every weekend choking tf outta niggas
nasdaqfan
30 Oct 14 18:55:48
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Stock_Tracker
30 Oct 14 18:52:02
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PK
30 Oct 14 18:51:16
"@Jinpachi: $X Low volume day, profit taking after ER & ended QE, Stronger US Dollar - might be some of the reasons for today's drop." $spy
Stock Relay
30 Oct 14 18:20:01
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PolgarStocks
30 Oct 14 17:47:28
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Ken Smooth Sinatra
30 Oct 14 17:46:31
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clayton
30 Oct 14 17:17:50
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IH NASDAQ OMX
30 Oct 14 17:17:10
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#PilotTalk3
30 Oct 14 17:15:09
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Stockaholics
30 Oct 14 17:12:40
Our Penny Stock Newsletter Alert On MGON Closed up 112.5% Today! Major News: http://t.co/dvxYQnSJab $GRPR $SOFN $X
The Young Gifted
30 Oct 14 17:10:26
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Carlos
30 Oct 14 17:10:19
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
420 king  ✈
30 Oct 14 17:08:19
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Well OHHKAAAYYY
30 Oct 14 17:06:06
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Le$
30 Oct 14 17:05:48
RT @_Staacks: Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Fernando
30 Oct 14 17:04:04
Waiting on @settle4LES 's $x$ vol. 1 and @CurrenSy_Spitta 's Pilot Talk 3 🔥🔥🔥
Julio Biason
30 Oct 14 17:01:01
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David Turnbull
30 Oct 14 17:00:18
@juliobiason @ebassi on the topic of the label, i'm also sick of people proudly stating that they don't know $X.
Paper Cha$er✈️
30 Oct 14 16:25:50
tht $x$ volume 1 gonna be some dope shit @settle4LES #jlr
Colin Macleod
30 Oct 14 16:25:36
Day Trading Chart Setups for October 31st http://t.co/mCMTDQbkRF $CRUS $RADA $LOCO $TASR $X $INVN $GLW
Stock Relay
30 Oct 14 16:25:01
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FarmRaised
30 Oct 14 15:46:45
RT @Greatstockpix: Video of some chart setups I'll be watching tomorrow: $CRUS $RADA $LOCO $TASR $X $INVN $GLW http://t.co/8gj2DGsKX8
Great Stockpix
30 Oct 14 15:40:13
Video of some chart setups I'll be watching tomorrow: $CRUS $RADA $LOCO $TASR $X $INVN $GLW http://t.co/8gj2DGsKX8
Dr. Duru
30 Oct 14 14:41:41
Commented on StockTwits: sorry. I was talking about $SPY for 50DMA support. I actually don't think $X will hold. ... http://t.co/PLgo3i6eSd
Dr. Duru
30 Oct 14 14:40:41
Commented on StockTwits: oops. Just realized we were talking $X not $SPY! I DON'T think $X will hold support. Def... http://t.co/JQVXU8EnZf
SteadyBudget
30 Oct 14 14:38:41
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Drew CreeZ
30 Oct 14 14:15:48
RT @settle4LES: http://t.co/WrGDzzRke6 RT @FlickinAshess: Gotta get some $x$ gear forreal @settle4LES
Parrish #OSKIADÈ
30 Oct 14 14:11:57
RT @settle4LES: http://t.co/WrGDzzRke6 RT @FlickinAshess: Gotta get some $x$ gear forreal @settle4LES
Le$
30 Oct 14 14:11:35
http://t.co/WrGDzzRke6 RT @FlickinAshess: Gotta get some $x$ gear forreal @settle4LES
Parrish #OSKIADÈ
30 Oct 14 14:07:18
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janet gale
30 Oct 14 14:03:49
$X - Current Report Filing (8-k) http://t.co/IHWJWxBUCl
Quantpost Basic Mats
30 Oct 14 14:02:47
$X News: "U.S. Steel could climb another 50%, analyst says $X …" http://t.co/GlnKqqnZhw Board view: https://t.co/7J787TxVou
MarketCurrents
30 Oct 14 14:02:44
U.S. Steel could climb another 50%, analyst says http://t.co/qwxNQTY6Dz $X
Emylers
30 Oct 14 13:55:03
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Instrumental Data
30 Oct 14 13:50:43
UNITED STATES STEEL CORP $X 8-K now available
Le$
30 Oct 14 13:18:14
$x$™ http://t.co/lLGHoNSRXO
Stock_Tracker
30 Oct 14 13:11:45
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Ms. Jacks
30 Oct 14 13:10:34
.@MarshallOToole well, first off.. Don't blow off court dates. If fines are owed, shd try make arrangements for autopay $x weekly until PIF.
AlphaNotBeta
30 Oct 14 12:55:48
I guess Dennis Gartman isn't long $AA $X - more room to run.
Hit The Bid Radio
30 Oct 14 12:53:27
$X who would of thought a gamble on the pull back would be a better trade than the pop to the upside? cheap weeklies when the vol droped
leahanne
30 Oct 14 12:41:35
$JDST Day Low Click Here: http://t.co/kn1uIGJMdI Also See: $CLF $NLNK $X $UCO ~
				
				
By  +Follow July 29, 2013 4:14PM
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