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Monday Morning Business Brief

May 5, 2014, 6:09 AM

Monday Morning Business Brief

Investors are hoping the stock market will turn positive today. It ended lower on Friday as a surprisingly strong report on job gains failed to impress traders. Concern over Ukraine didn't help matters. The S&P 500 fell 2 ½ points to 1,881. The Dow Jones industrial average dropped 46 points to 16,512. And the Nasdaq composite lost 3 ½ points at 4,123..

  • The Institute for Supply Management will release its service sector index for April today. Tomorrow, investors will get a look at the government's international trade data for March. On Wednesday, The Labor Department will release first-quarter productivity data and the Federal Reserve will report March consumer credit data.
  • Asian stock markets slid Monday after a survey showed that Chinese manufacturing shrank in April for the fourth month in a row. The results of the HSBC purchasing managers' index on Chinese factory activity were lower than a preliminary reading. This apparently stoked fears among investors that the slowdown in the world's second biggest economy is entrenched.
  • The European Union's executive arm says the 28-nation bloc's economic recovery is firmly underway and will help bring down high unemployment faster than previously expected. The EU Commission said today it now expects the unemployment rate across the 18 nations using the euro currency to drop to 11.8 percent this year and 11.4 percent in 2015. Its previous forecast foresaw an unemployment rate of 12 percent in 2014 and 11.7 percent for 2015.
  • General Motors is recalling 51,640 SUVs because the fuel gauges may show inaccurate readings.The recall involves the Buick Enclave, Chevrolet Traverse and GMC Acadia from the 2014 model year. All of the affected SUVs were built between March 26 and Aug. 15 of 2013.

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