The story of the day is that oil is now "officially" in a bear market (again), down some 22% from its June high. The same forces are acting on it now as before, namely too much supply. Oil is down about 4% on the day, coming in right at $40/barrel.
Elsewhere the news wasn't so bad. Two gauges of manufacturing showed signs of expansion during July, while construction spending declined during June.
This week is data-heavy. We'll see readings on personal income and consumer spending tomorrow, a private reading on July employment on Wednesday, and the always important monthly nonfarm payrolls report on Friday.
Action today was rather subdued as the tight trading range in equity markets continues. The Industrials lost 27 points, with the Transports heading the same direction. The Nasdaq was one of the only winners on the day, up 0.43% while the S&P 500 fell 0.13%. Gold added a couple dollars, ... Log in or subscribe to continue reading.