stock market today (Thursday) is trying to recover from a disappointing announcement yesterday by the Federal Reserve, which lowered its economic outlook and extended Operation Twist.
The markets had hoped for something more out of the two-day FOMC meeting and responded negatively to the stimulus.
Also impacting the markets today are a number of weak economic reports including disappointing manufacturing indicators from overseas.
Europe's PMI index, based on a survey of purchasing managers in both the services and manufacturing industries, held steady at 46 which is near a three-year low. A measure of specifically euro-region manufacturing fell to 44.8 from 45.1 - another three-year low - in May, London-based Markit Economics said today in an initial estimate.
Both of those gauges were dragged down by a decrease in Germany's manufacturing output.
China also reported a preliminary PMI index, which if correct at 48.1 would be its lowest level in seven months. PMI levels below 50 indicate contraction.
In the U.S. existing home sales fell 1.5% in May, weekly initial unemployment claims remained depressingly high at 387,000 and the Fed's Philadelphia economic index fell to negative 16.6 in June, its lowest level since August.
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Investors might be having a delayed reaction to Sunday's Greek elections as yesterday's trading volume was much lower than average, and not much movement occurred.
The markets are also responding well to the number of housing permits filed in May which was at its highest level since September 2008. Permits were reported at a seasonally-adjusted annual rate of 780,000, easily exceeding forecasts of 725,000.
For now investors wait in anticipation for the Fed to make a move, but if none is taken expect a slight downturn in the markets tomorrow afternoon.
In the meantime, here are five stocks to follow in today's trading:
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