The Closing Look

Stock Market Commentary:

Stocks ended mixed on Monday as oil prices tanked over 6% after a series of weaker-than-expected economic reports were released across the globe. China said it’s official factory gauge fell to a three-year low of 49.4 in January. This was the sixth consecutive monthly decline and missed estimates for 49.6. China’s main stock market, the Shanghai Composite, fell nearly 2%, extending its loss this year to -24%. European data was also weak with the headline Purchasing Managers’ Index falling to 52.3 from 53.2. In the U.S., the data was mixed to less than stellar. Personal income and outlays rose 0.3%, matching estimates. The PMI Manufacturing index came in at 52.4, missing estimates for 52.6. The ISM Manufacturing index sank to 48.2, missing estimates for 48.3. Construction spending came in at 0.1%, also missing estimates for +0.6%. Clearly, economic activity is not healthy.  

Gary’s Thoughts: Blah…yuck…ick…on to Iowa where we say watch Rubio!