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Stock futures were positioned ahead earlier this morning before opening bell for the first day of November trading. Positive reporting stemming from the manufacturing sector raised the trendlines earlier as did industrial data posting out of the Asian markets. The Institute for Supply and Management posted a manufacturing report today stating that manufacturing expanded for the 15th straight month. The index value moved in a better than expected positive direction and bumped up over 2 points to settle at 56.9. Additionally, the Commerce Department posted data revealing that construction spending rose .5% in September. This data helped push trend lines into the green earlier today. It was a nice bump forward during the first half of the trading session today, but it did not last. Anxieties are starting to mount relating to the anticipated Federal Reserve intervention. Anticipations are starting to diminish as the scope and sequence of the Federal stimulus is questioned and investors are wondering how much support will be provided via quantitative easing. The Feds will release details this week pertaining to the amount of intervention that will implemented. The plan is to purchase billions of dollars in Treasury debt. A resulting consequence is that interest rate will continue to lower and hopefully this will prompt lending and stimulate spending to improve the economy as a whole. As Wednesday draws nearer, debate increases and anxieties take hold. We are seeing a stock market drop into the red today as a result of these trading anxieties. In earning report news, Lowes reported earlier today that its net income dropped in the third quarter but reported earnings of 13 cents per share. The dollar continued to move ahead as it rose against the euro, British pound and the Japanese yen today. As a result, Gold for December delivery took a tumble. U.S. treasuries fell today and the yield for the ten-year note pushed up to 2.63%. Approaching close today, the Dow Jones Industrials settled in the red by .15% at 11,102.18. The Nasdaq was in the red at 2,500.75 by .27%. The S&P 500 fell to 1,182.16. The NYSE ended the day at 7500.71 down 12.64. Author: Frank Matto
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