Top 3 Reasons Markets were Down with Silver
Markets closed down on Wall Street: DJI 0% SP500 -0.34% Nasdaq -0.71% Gold -1.07% Oil -2.17%.
Markets were in the red all day and we had a textbook bump end of day as traders got flat heading into the bell. On the commodities front, Oil (NYSE:USO) sold off all day. Gold (NYSE:GLD) and Silver (NYSE:SLV) also sold off, with Silver getting hammered again almost 5%.
Today’s markets were down because:
1) Earnings lust has slowed. Last week investors wooed stocks like valentines, but this week’s results seem relatively “boring.” Pharmaceutical giant Pfizer (NYSE:PFE) was down 3% on weak revenues, and household products goliath Clorox (NYSE:CLX) was down 3.6% after missing the net income investors desired. If you love staying in the know during earnings season, join us for our coverage here all day long.
2) Oil & Gas companies dove with gas. Oil (NYSE:USO) lost $2.31 to close at $111.21, and it took the abetting parties down too. Gas companies (NYSE:XOP) took a hit as Exxon Mobil (NYSE:XOM) dropped 1.5%, Chevron (NYSE:CVX) fell 1.86%, BP (NYSE:BP) dropped 2.4%, ConocoPhillips (NYSE:COP) slid 3.8%, Marathon Oil (NYSE:MRO) fell 1.59%, Hess (NYSE:HES) crashed 4.46%, and Suncor Energy (NYSE:SU) fell hard 5.37%.
3) Manufacturing data still looks OK, but the debt is all anyone cares about. A new Pew Study says, “The U.S. will likely owe $10.4 trillion this year, its largest debt relative to the economy since 1950.” No worries. Just raise the ceiling. How will we pay for it? With a fifth straight month increase in factory orders for Manufactured Goods, of course. Well, maybe not.
Now that you’re in the know, get ready to enjoy more NBA Playoffs!