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DAILY CALENDAR
7:00 AM ET. MBA Refinancing Index (last +4.2%)
8:30 AM ET. May durable goods (seen +0.5%, last +1.1%)
9:00 AM ET. Federal Open Market Committee meeting continues;
interest rate decision expected around 2:15 PM.
10:00 AM ET. May New Home Sales (seen +0.5%, last +1%)
The STOCK INDEXES & MARKETS
The US stock indexes were sharply lower in overnight trading due to
additional profit warnings and disappointment over economic
conditions. The latest economic data renewed questions about just how
strong the recovery in the U.S. economy has been, especially among
businesses exposed to consumer spending, which has been carrying the
brunt of the burden. The September NASDAQ 100 was sharply lower
overnight as it posted another new contract low. The index extended last
week's breakout below last September's low crossing at 1088.96. If the
decline continues, weekly support crossing at 9259.50 is the next
potential downside target later this summer. The September NASDAQ
100 was down 46.00 points at 981 as of 6:41 AM ET. Overnight action
sets the stage for a sharply lower opening by the NASDAQ composite
index later this morning. The September S&P 500 index was also
sharply lower overnight due to profit concerns and a general lack of
confidence in corporate leadership. The overnight decline confirmed a
breakout below last September's low crossing at 983.50 and the previous
reaction low crossing at 980. If the decline continues, weekly support
crossing at 939 is a likely target later this summer. Momentum
indicators are bearish signaling that sideways to lower prices are
possible into July. The Sept. S&P was down 23.00 points at 951.20 as of
6:44 AM ET
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