March 24th 2014 – Markets Lower For Second Day

U.S. stocks fell for a second session on Monday as investors shed some of the Nasdaq’s high flyers.

A final reading on U.S. manufacturing slipped in March, with the report from Markit Economics had factory activity slowing to 55 in March from a near four-month-high of 57.1 in February, with readings above 50 signaling expansion.

Ahead of Wall Street’s open, the flash Markit/HSBC Purchasing Managers’ Index had Chinese manufacturing contracting in the first quarter of the year, boosting hopes that China’s government might take steps to stimulate the economy.

European stock markets closed mostly lower as the Russian takeover of Ukraine’s Crimean peninsula continues to dominate sentiment.

Asian markets ended with some significant gains though, despite HSBC data that showed Chinese manufacturing activity fell to an eight-month low in March. The Hang Seng in Hong Kong shot up by 1.9% and the Shanghai Composite rose by 0.9%.

Tuesday: 9:00 a.m.: FHFA home prices for January, 9:00 a.m.: S&P Case-Shiller home prices for January, 10 a.m.: New home sales for February, 10 a.m.: Consumer confidence for March, 10: a.m.: Richmond Fed manufacturing index, 1 p.m.: Two-year note auction, 4 p.m.: Fed’s Lockhart speaks, 7 p.m.: Fed’s Plosser speaks

News Sources:  CNBC and CNN Money

My Market View:

Another tough day for the Nasdaq, two tough days in a row.  I expect a bounce back probably tomorrow.  The market is getting choppy, but I think that the technology heavy exchange will rebound a little from these steep declines.  We could have a confirmed double top on the S&P 500, but it may also be just  normal resistance with regards to creating a new all time high close.  It may punch above in the coming days.

Lots of Fed speakers and tomorrow and some key data to give direction to the markets.