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Sep 29 2015

Stocks look to rebound from China-driven selloff

Market Recap 09/28/15:
 
U.S. stocks fell sharply on Monday, with the S&P 500 ending down 2 percent as biotechnology stocks continued to see sharp losses while the latest data out of China underlined the growth concerns investors have about the region. Democratic lawmakers came out against recent increases in drug prices, criticism that was similar to comments made last week by Democratic Presidential candidate Hilary Clinton. An index of biotech shares suffered its biggest one-day decline since 2011. Also pressuring stocks was data showing weakness in Chinese industrial companies, the latest bad news out of the region to stoke concerns about what impact China’s slowing would have on profits elsewhere. With the day’s decline, indexes are on track for their biggest quarterly decline in four years.
 
Looking ahead:
 
U.S. stock index futures are modestly higher on Tuesday, in what looks to be a modest rebound from the previous session. Volatility is likely to remain elevated, however, as investors position ahead of Friday’s payroll report, which will provide the latest clue of the strength of the economy, and thus, the latest hint for when the Federal Reserve may begin raising interest rates. Housing shares will be in particular view with the release of data on home prices before the market open. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, which airs Sundays at 11 on WOR710. Be sure to watch our president, Oliver Pursche, who will appear on Making Money With Charles Payne this evening. The show airs at 6 p.m. on the Fox Business Network. Visit our website www.ggfs.com for more details.