Skip to Content
Midday Market Update

Stocks Lower as Brexit Fears Mount

U.S. Market    
Stocks were lower yet again today as Brexit fears mounted.

The consumer price index rose 0.2% in May as the price of oil and rents increased. Overall prices are now up 1% year-over-year. Excluding food and energy, prices were also up 0.2% and were 2.2% higher from 2015 levels.

Initial unemployment claims rose by 13,000 to 277,000 last week due to outsized gains in California and Pennsylvania. The less volatile four-week moving average was down by 250 to 269,250.

The Philly Fed index, which measures the strength of the Mid-Atlantic manufacturing sector, rose 4.7 in June from -1.8 in May. Any reading over zero indicates improvement.

At midday the DowS&P 500 and Nasdaq were down 0.5%, 0.7% and 0.9% respectively.

Stocks on the Move
There was limited corporate news today.

Foreign Markets
European markets were lower, although most indexes did close above intra-day lows. The FTSE 100 was off 0.3%, the Paris CAC fell 0.5% while Germany’s DAX was off 0.6%.

Asian shares were lower too with the Nikkei 225 sliding 3.1%, the Hang Seng losing 2.1% and the Shanghai Composite off 0.5%.