Highlights
Stocks were flat Tuesday with the Dow slipping 0.3 percent and the Nasdaq rising 0.1 percent. Oil hit a 2023 year high after Saudi Arabia and Russia said they would extend production cuts through year-end; West Texas intermediate rose 1.4 percent to $86.72.
Economic news included a mostly favorable factory orders report that at the headline level, due to a monthly swing lower in aircraft orders, fell 2.1 percent. This was better than expected and failed to reverse July's 2.3 percent jump that was tied to a swing higher for aircraft. Monthly swings for new orders apart, factory backlogs are building sharply due in part to unfilled orders for aircraft.
Economic news included a mostly favorable factory orders report that at the headline level, due to a monthly swing lower in aircraft orders, fell 2.1 percent. This was better than expected and failed to reverse July's 2.3 percent jump that was tied to a swing higher for aircraft. Monthly swings for new orders apart, factory backlogs are building sharply due in part to unfilled orders for aircraft.
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.
