Equities Mid-Day Market Roundup: Stocks Tumble on ISM Data

Equities Editors Desk |

Wall Street BearsMajor U.S. stock indices are down nearly one percent today as the Institute for Supply Management said that its service index dropped to 52.8 in April from 57.3 the month before. It was the biggest monthly drop in over two years. Economists were actually expecting the ISM service index to increase to 57.8. The disappointing economic data gave bearish investors another reason to sell the recent stock market rally, and raised concerns of the upcoming jobs report the government is scheduled to release this Friday. Disappointing earnings reports from some of the largest companies in the U.S., as well as the sell in May crowd repositioning their portfolio, had already sparked a sell-off of the market earlier this week. Commodities have also been dropping as oil prices have sank to $111 per barrel on higher supplies, and gold and silver prices have cooled off on their hot streak.

Major U.S. Stock Indices

DJIA: 12,687.14 (-0.94 percent)
S&P 500: 1,343.64 (-0.98 percent)
Nasdaq: 2,816.01 (-0.91 percent)
Russell 2000: 745.64 (-1.07 percent)

In other news:



  • Looks like the Raj Rajaratnam and Galleon Group insider trading case is going to get drawn out even longer. [WSJ]
  • Is this the end of the gold and silver bubble? SPDR Gold Shares (NYSE: GLD) and iShares Silver Trust (NYSE: SLV) have seen steep declines this week. [The Street]
  • The SEC and CFTC don't believe they have the right tools to properly monitor and regulate the market. [Marketwatch]
  • The world's second largest economy is ready to open up its wallet. but could the U.S. miss the boat on China's big investments over the next few years? [NY Times]
  • Well at least Deustche Bank can rest easy knowing that they might not be the only ones getting sued by the U.S. government for making bad mortgages. [Bloomberg]
  • Portugal's official bailout is expected to total about $116 billion with another two years of recession. [Forbes]

Check back for more news.

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. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
INTT inTest Corporation 6.95 -0.25 -3.47 97,708

Comments

Emerging Growth

Lomiko Metals Inc.

Lomiko Metals Inc is an exploration stage company. It is engaged in the acquisition, exploration and development of resource properties. Its projects include Vines Lake project and Quatre - Milles…

Private Markets

Cross Campus

With over 500 members and operating 80,000 square feet by summer 2016, Cross Campus is one of the country’s top ten shared, collaborative office or "coworking" operators in the US.…

Quants Inc

Quants, Inc, a California Corporation, develops, markets and operates financial technology platforms and alternative investment products offering sophisticated risk management since 2010. The Company has primarily sharpened its focus with…