U.S. stocks finished lower, Tuesady, erasing earlier gains made after better-than-expected factory orders and car sales drove the markets higher.
Fed Speak
Stocks started retreating after New York Federal Reserve President William Dudley spoke. He reiterated that market fears about rate hikes are misplaced when it comes to the Fed's intentions to scale back its asset purchases as the economy improves. His comments did little to calm traders' fears.
Economic data released included factory orders, which rose by a greater-than-expected 2.1% in May following a more modest 1.0% gain the month prior. U.S. car sales came in strong, led by gains in the truck/SUV sector. GM reported a 6.5% increase in June, Ford (F) sales surged 13% and Toyota (TM) sales rose 9.8%.
Friday's NFP
Traders have turned their attention toward Friday's Nonfarm Payrolls jobs report, for the latest clues into the health of the economy. Economists polled by MarketWatch expect the economy added 155,000 jobs in June, down from 175,000 in May.
In commodities, oil futures closed above $99 a barrel, their highest price point in over a year. Gold futures shed just less than 1% to close at $1,243.40 per ounce.
Here's Where The Markets Stood At Day's End
U.S. MARKETS- Dow Jones Industrial Index down 42.55 (-0.28%) to 14,932.41
- S&P 500 down 0.88 (-0.05%) to 1,614.08
- Nasdaq Composite Index down 1.09 (-0.03%) to 3,433.40
- FTSE 100 down 57.15 (-0.72%) to 7,926.67
- DAX down 2.01 (-0.03%) to 6,306.70
- CAC 40 down 19.89 (-0.53%) to 3,747.98
- Nikkei 225 up 246.24 (+1.78%) to 14,098.74
- Hang Seng Index down 144.64 (-0.70%) to 20,658.65
- Shanghai China Composite Index up 11.32 (+0.57%) to 2,006.56
- (+) ZNGA, Shares gained after former Microsoft X-box head Don Mattrick takes over as CEO from founding CEO Mark Pincus.
- (+) AYI, Beat Q3 earnings expectations of $0.88 with EPS of $0.97.
- (-) LINE, Disclosed that the company is under SEC investigation tied to Berry Petrol merger results in downgrades from Raymond James and JP Morgan.
- (-) MJN, Stock declined amid reports that China is launching an investigation of foreign infant formula providers for anti-trust violations.
- (-) FOE, reports surface that A. Schulman Inc. (SHLM) is no longer pursuing FOE.
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