Title: U.S. stocks edge higher, but overall mood is cautious
June 26, 2023 10:00 AM ET
By: AnalysisWatch
Stocks on Wall Street traded modestly higher on Monday, with risk appetite diminished in the wake of the short-lived revolt in Russia over the weekend.
Traders were generally cautious after an aborted mutiny by Russian mercenaries raised concerns about the stability of President Vladimir Putin's government and possible disruptions to Russian oil supplies.
"The uprising in Russia (raises) questions about a quicker end to the war in Ukraine and leads to a warning to be careful what we wish for... and part of the concern is the analysis of Russian nuclear weapons," writes Bob Savage, head of strategy and market insight at BNY Mellon.
U.S. defense companies led by Raytheon Technologies RTX and Lockheed Martin Corp LMT are down in early trading.
Investors are also awaiting a slew of U.S. economic data this week to gauge the impact of the Federal Reserve's aggressive monetary tightening over the past 12 months.
With just five trading days to go until the end of June, the Nasdaq Composite IXIC index is up about 29% since the start of the year, giving it a chance for its biggest first-half gain since 1983, when it rose 37.1%.
In the shorter term, however, the tech-laden index is suddenly in retreat. Since June 16, when it tripped over resistance, the tech-laden index has lost 2.1% and has fallen four of the past five trading days.
One indicator of its intrinsic strength on a daily basis has staggered along with it. The Nasdaq New High/New Low (NH/NL) QSHF Index has fallen from a more than four-month high of 67.1% on Friday, June 16, to 56.5% this past Friday.
Title: Mexican Economic Activity Grows the Least in 9 Months
June 26, 2023 10:09 AM ET
By: AnalysisWatch
Economic activity in Mexico grew at an annual rate of 2.5% in April 2023, beating expectations for a 2.3% expansion, but slowing from 2.7% in the previous month and posting the smallest growth since July 2022, underscoring the impact of the Bank of Mexico's high interest rates.
Manufacturing output was significantly slower (0.7% vs. 1.5% in March), while services grew at a steady pace (to 3.3%) and rebounded sharply in agriculture and mining (2.9% vs. 0.9%).
On a seasonally adjusted basis, economic activity increased by 0.8% month-on-month, rebounding from a 0.2% decline in the previous month.
