Bears Still on Offense
The S&P 500 went negative for the year today, closing at 1406, while the Dow finished down 167 and the NASDAQ dropped 40 points on the day. In the treasury market, the price of the 10-year Note increased as the yield dropped to 4.71%.
In economic news, both CPI and core CPI came in just as expected (.1% and .2%, respectively). However, there is still fear in the market over the subprime debacle. Traders will be paying attention to the housing starts data coming out tomorrow, which should give at least an indication of how much worse the subprime situation may get.
In the Asian markets, the Hang Seng dropped 2.31% and the Nikkei lost 2.19%.
Economic Data Scheduled for Thursday, August 16, 2007
(All times in U.S. Central Time)
U.S.
7:30 AM: July Housing Starts (Consensus 1.405 million)
7:30 AM: July Building Permits (Consensus 1.400 million)
7:30 AM: Initial Claims for week ending 8/11 (Consensus 315,000)
11:00 AM: Philadelphia Fed for August (Consensus 8.0)
Canada
7:30 AM: International Securities Transactions for June (Consensus $1.0 billion)
U.K.
3:30 AM: Retail Sales for July MoM (Consensus 0.1%)
European Union
1:00 AM: (Germany) Consumer Price Index for July MoM (Consensus 0.4)
4:00 AM: (E.U) Consumer Price Index for July MoM (Consensus -0.2%)
Japan
None
