A general air of negativity continues to hang over Wall Street as the new week begins. It’s a big week for data, but a slow one for earnings
It looks like things might start the new week right where they left off last Friday: In the red. Those worries about global growth haven’t necessarily gone away, and yesterday’s political developments in Washington—which some analysts saw saw as positive for stocks—aren’t outweighing the global economic concerns.
It’s a big week for data , but kind of quiet for earnings. This week will close out what’s been generally a great quarter for stocks.Looking back at last week’s disappointing finish, it’s pretty remarkable how fast the U.S. market went from sizzle to splatter. The S&P 500 ended Friday just barely holding on at the key technical support level of 2800, after earlier plunging below another support level near 2830.
Now, that doesn’t mean caution isn’t warranted. A slowdown in economic performance worldwide is worth being concerned about. However, aside from another batch of weak European manufacturing news, most of that was already known heading into Friday’s session.What did seem to really spook the markets at the end of the week was the performance of U.S. Treasuries.
There’s major fear of a global slowdown, and that’s what’s making people nervous. When economies slow, the banking sector often suffers first and most. The weak manufacturing data out of Europe, the Brexit mess in the U.K., and the unresolved China trade situation all seem to be coming home to roost on a day like Friday.
The economic data calendar this week looks a little busier than last, highlighted by the government’s second estimate of Q4 gross domestic product scheduled for Thursday. Last time out, the estimate came in at 2.6%, down from 3.4% the prior quarter. While 2.6% isn’t usually considered a really fast growth pace, it could look pretty robust compared to what many analysts now expect for the current quarter .
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