This week saw mostly disappointing economic data, as the Index of Leading Economic Indicators snapped a nine-month growth streak. Moreover, manufacturing activity slowed, with the Empire Manufacturing Index and the Philly Fed Manufacturing Index both decelerating by much larger amounts than economists had expected, and industrial production came in flat. Meanwhile, housing remained depressed, as housing starts and building permits, existing home sales, and homebuilder sentiment failed to improve as had been projected.
The Dow Jones Industrial Average fell 93 points (0.7%) to 12,512, the S&P 500 Index decreased 10 points (0.8%) to 1,333, and the Nasdaq Composite declined 20 points (0.7%) to 2,803. WTI crude oil closed $1.17 higher at $100.10 per barrel, and the Bloomberg gold spot price increased $20.14 to $1,513.41 per ounce. For the week, including dividends, the DJIA lost 0.7%, the S&P 500 Index fell 0.3% and the Nasdaq Composite declined 0.9%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
