The Closing Look

Stocks ended mixed on Monday as oil prices continued to tank and fell below $40 a barrel for the first time since April. The Dow Jones Industrial Average posted a 6-day losing streak as it pauses to digest the recent rally. Economic data was light but a little weaker than expected. The ISM manufacturing index came in at 52.6, slightly below the Street’s forecast for 53. Meanwhile, the Markit PMI manufacturing index reading for July came in at 52.9 and construction spending for June fell -0.6%.

Gary’s Thoughts: 6 day losing streak but only down less than 1% and internals improved. Big cap tech still with bid off of earnings…gold/silver…continues.