After a week of triple-digit gains and losses, the Dow basically ended the week where it started. The financial sector played a major role in the volatility and we got some mixed economic data as well. Crude oil was also volatile, trading in a range of $120-$130 for the week but the fact that earnings came in mostly better-than-expected may have helped save the market from going lower.
The Dow finised the week down 44 points at 11,326. The Nasdaq ended the week where it started, at 2,310 while the S&P 500 managed a two-point gain to close at 1,260.
We got some negative economic news this morning which could lead us to a lower open. News that consumer spending fell by 0.2% in June has the futures trading lower. Economic news will play a smaller role on where the market is headed over the next few days as it takes a back seat to Tuesday’s Fed’s rate decision at 2:15 EST. Many expect the feds fund rate will be left unchanged at 2.00%, so what the Fed says will be key.
As we head for the opening bell, the S&P 500 futures are down 3.6 points, the Nasdaq 100 futures are down 13 points while the Dow futures are off 33 points.