U.S. Market
Stocks were modestly lower this morning after data and ahead of next week’s Fed meeting.
Producer prices were unchanged in August from the previous month. Core prices, which excluding food and energy, were up 0.3% in the month. Economists had expected overall prices to fall 0.1% and for core prices to rise 0.1%.
Consumer sentiment sank in early September according to the University of Michigan survey. The reading of 85.7 was off from the end of August reading of 91.9. Analysts were looking for a much more modest decline.
At midday the Dow was up 0.2% while the S&P 500 and Nasdaq were off 0.1%.
Stocks on the Move
There was limited corporate news this morning.
Foreign Markets
European markets were lower today. The FTSE 100, Germany’s DAX and the Paris CAC were down 0.6%, 0.9% and 1% respectively.
Asian shares were mixed. The Shanghai Composite inched up 0.1%, the Nikkei 225 was off 0.2% while the Hang Seng fell 0.3%.