The economic recovery's going to be a slow haul, a comment from the Conference Board that describes June's disappointing drop in consumer confidence. High unemployment and lack of credit are hurting consumers even if job losses are slowing and even if manufacturing and maybe even housing are bottoming. Today's Case-Shiller report shows some improvement in home prices, adding to the small run of good news in the sector, while tomorrow's ISM data will offer important information on the manufacturing sector with today's purchaser report from Chicago, whose sample also includes non-manufacturers, pointing to disappointment. Most disappointing of all may be June's retail sales, based on the dip in consumer confidence as well as steep plunges in the weekly chain-store reports.
The S&P 500 sank 0.9 percent to 919 while the dollar index firmed slightly to 80.12. Treasury yields edged higher with the 2-year at 1.11 percent. Commodities dipped back together with oil ending at $70 and gold at $925.