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Seeking Alpha 2021-07-15 13:45:22

Nasdaq, S&P 500, Dow Jones fall as Philly Fed index slumps

Pgiam/iStock via Getty Images The stock market is sliding as more economic data raised questions about the recovery, pushing yields lower. The Nasdaq (COMP.IND) -0.6%, S&P (SP500) -0.4% and Dow (DJI) -0.3% are all down. Weekly jobless claims fell as expected, but the Philly Fed manufacturing index sank to 21.9 for July, down from 30.7 and much lower than the 28 economists predicted. The silver lining is that on the inflation front, prices paid dropped to 69.7 from 80.70. The result of growth concerns, but easing inflation pressures was falling rates, with the 10-year Treasury yield off 4 basis points to 1.32%. Wall Street will be listening to Fed chief Jay Powell again as he returns to Capitol Hill. J.P. Morgan says the Fed is courting risks of a hard landing. Ten out of 11 S&P sectors are lower, with Healthcare (XLV) and Energy (XLE) the weakest. Only Materials (XLB) is in the green. Check

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Nasdaq, S&P 500, Dow Jones fall as Philly Fed index slumps

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