After a summer of strong gains, stocks this week are in the red as tensions between Syria and the United States mount and investors fear near-term military action, likely as soon as this week. Other stock market news today weighing on shares includes the looming debt ceiling, with terms that U.S. President Barack Obama said he will not negotiate.
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Stock market news today focuses on winners and losers in the tech and consumer spaces, as well as how the S&P 500 will come off of its largest weekly decline since June.
Last week was tough for stocks since this year has been filled with rallies. Stocks fell as investors tried to understand the timing of the Fed's tapering of its bond-buying program.
Surprisingly, the market still seems very sensitive to any news on the Fed cutbacks.
This week, the market may continue to react to any news from the Fed, although other economic indicators are likely to be in the foreground of investors' minds.
Stock market news today starts with Japan, which we learned saw gross domestic product rise 2.6% at an annualized pace from April to June - well short of the 3.6% growth economists expected. The Nikkei was down more than 5% last week and is down another roughly 1% this morning.
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: