June 1st, 2012
in Gary's blogging
Live Commentary - Market Crash 06-01-2012
It had to happen sooner or later, reporting from Starbucks, the SP500 futures fell to 1280 early this morning among the terrible news regarding the unemployment news climbing to 8.2 and adding only 69,000 jobs. The signs of a depreciating market place have been there although like a lot of others, we have been hoping for an orderly decline. The Russell opened down at 744, the 500 opened down at 1289 and the DOW opened at 12212 and erasing its gains for the year, they started to melt up slightly as the 'dippers' rushed in again as they have been on every dip only to take losses in the end (pun intended).
The US ISM Manufacturing came at 10 am at 53.5 much lower than expected at 53.8, the US Construction Spending MoM for April came in at 0.3% rising higher than expected at 0.4% and the US ISM Prices Paid in May also were dismal coming in at 47.5 expecting 57. The markets did not immediately react in a manner expected by staying more or less the same. The DOW is at 12400, the SP500 is at 1290 and the Russell 2000 is at 748. Follow up:
The European markets are sharply lower today with shares in Germany off the most. The DAX is down 3.27% while France's CAC 40 is off 3.09% and London's FTSE 100 is lower by 1.24%.
U.S. stock futures, already following European bourses lower on more evidence of a deteriorating global economy (I, II), sink further (S&P -1.7%) after May jobs data fell far short of expectations. Treasury yields and crude oil futures plunge to new lows, while gold and the dollar rise.
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Written by Gary