« Ten-year Yields Fall Below 4.5% | Main | Gold Going Its Own Way »

U.S. Housing Slump Continues, Dragging Stocks Lower

Posted by Michelle Torres on September 5, 2007 3:31 PM

A disappointing Pending Home Sales report and fears that Friday’s payrolls report will show sluggish jobs growth weighed on stock indexes today, with the S&P 500 losing 17.13 and the Dow Jones falling by 143.55.

Treasuries were the biggest benefactor of today’s stocks slump, with the Ten-year Note yielding 4.47% and the Two-year Note yielding 4.02%. Traders will be focusing on Friday’s Non-farm Payrolls report for August, with expectations of an increase of 110,000 jobs. The unemployment rate is expected to remain steady at 4.6%

Mike Zarembski, Senior Commodity Analyst

Economic Data Scheduled for Thursday, September 6, 2007
(All times in U.S. Central Time)

U.S.

7:30 AM: Initial claims wk-9/1 (Consensus 330k)
7:30 AM: 2nd qtr Productivity revised (Consensus 2.4%)
9:00 AM: ISM Services for August (Consensus 54.5)
9:30 AM: EIA Energy Inventories

Great Britain

3:30 AM: Industrial Production for July (MoM) (Consensus 0.2%)
6:00 AM: Bank of England interest rate decision

Canada

7:30 AM: Building Permits (MoM) (Consensus -1.5%)

European Union

5:00 AM: (Germany) Factory Orders for July (Consensus -2.5%)
5:45 AM: ECB interest rate decision

Japan

None

UAN.jpg