Highlights
The minutes of the June FOMC meeting suggest that while members agree inflation remains too high, there's less agreement over the urgency of further rate hikes. The minutes call the US economy"resilient" and the labor market still strong.
Factory orders eked out a second straight 0.3 percent gain in May that was well short of Econoday's consensus for 0.9 percent. But the headline was held down by price effects for energy not orders for durable goods which jumped 1.8 percent and included strong back-to-back gains for core capital goods.
The market opened on a downbeat note following sharp slowing in China's services PMI to 53.9 in June from 57.1. The Dow slipped 0.4 percent while the Nasdaq edged 0.2 percent lower. Shares of UPS fell 2.1 percent on reports that labor talks with the Teamsters appear to have broken down.
Factory orders eked out a second straight 0.3 percent gain in May that was well short of Econoday's consensus for 0.9 percent. But the headline was held down by price effects for energy not orders for durable goods which jumped 1.8 percent and included strong back-to-back gains for core capital goods.
The market opened on a downbeat note following sharp slowing in China's services PMI to 53.9 in June from 57.1. The Dow slipped 0.4 percent while the Nasdaq edged 0.2 percent lower. Shares of UPS fell 2.1 percent on reports that labor talks with the Teamsters appear to have broken down.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
