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Midday Market Update

Stocks Mixed in Rocky Trading

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U.S. Market    
Stocks started off August mixed

The closely-watched ISM index fell to 52.6 in July from 53.2 in June, slightly missing expectations. Any reading over 50 indicates an expansion in the manufacturing sector.

Constructions spending was down 0.6% in June. Economists had anticipated a 0.6% rise. Spending was up 0.3% on a year-over-year basis.

At midday the Dow was down 0.3%, the S&P 500 was off 0.2% while the Nasdaq was 0.3% higher.

Stocks on the Move
 Tesla Motors (TSLA) said today it is purchasing  SolarCity (SCTY) in an all-stock deal for $2.6 billion. Elon Musk is the chairmen of both firms and he has large stakes in both. The pricing for the deal, which had been first floated in June, was determined by independent directors. Shares of Tesla were down slightly at midday while SolarCity shares were off 6%.

Foreign Markets
European markets were lower today. The FTSE 100 was off 0.5%, the Paris CAC was down 0.7% while Germany’s DAX was down a mode modest 0.1%.

Asian shares were mixed. The Shanghai Composite was of 0.9%, the Hang Seng rose 1.1% while the Nikkei 225 gained 0.4%.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.