Dow 13089,49+0,2% up/down NAS 2520,65-0,18% dwn
May 01, 2007 10:30 AM ET
The major indices have pulled back in the wake of the economic releases at the top of the hour.
The ISM Index, which is a survey of national manufacturing activity, bounced back in April to a reading of 54.7 from 50.9 in March. That suggests the manufacturing sector did not weakening substantially as had been feared. However, the enthusiasm over the rebound has been mitigated by the recognition that the prices-paid component of the report jumped up to 73.0 from 65.5.
Concerns about inflation, combined with a 4.9% decline in pending home sales for March, have taken the wind out of the market's sails at this juncture
May 01, 2007 9:00 AM ET
S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: +1.5. Early indications are off their best levels but still point to a modest rebound for stocks as bargain hunters view yesterday's sell-off as overdone. Whether or not the bounce holds could prove significant as investors begin to look past the main driver behind April's rally -- better than feared quarterly earnings results -- and shift their focus to economic data which are not likely to be particularly encouraging. With the ISM Index checking in with a reading of 50.9 in March, just above the level that separates contraction concerns from expansion, today's report will be watched closely to see if manufacturing conditions have edged higher or if the sector simply remains in a ru