Top 3 Reasons Today’s Markets Were Down Big

Markets closed down on Wall Street: DJI -1.39% SP500 1.7% Nasdaq 1.66% Gold +0.11%

The markets were up down big because:

  • Initial Jobless Claims hit a 9-month high. Claims came in at 500,000 and hope for a good back-to-school season went back to school. Is unemployment about to spike? >
  • The Philly Fed Business Outlook Report had it’s first negative reading since July 2009. New orders, shipments, and employee workweek all fell into the shitter. At least India is still booming >
  • Retailers Sears Holdings (SHLD) and GameStop (GME) continued yesterdays pessimism about the US consumer. The two larger outlets disappointed on earnings and outlook. Is the US consumer busting at the seams? >

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