Is it the end of a good run? Wall Street reopens this morning after yesterday's drop in stocks - the first drop in seven days. The stock market has climbed steadily in the last two months, but Peter Cardillo, chief market economist at Rockwell Global Capital, says, "The market has had a good run and it needs to pause." The S&P 500 fell a fraction of a point to 1,962.61. The Dow Jones industrial average dropped 9.82 points, to 16,937.26. And the Nasdaq composite index edged up 0.64 point to 4,368.68. Futures point to slight slippage at this morning's opening.
- International stock markets struggled for direction today after Wall Street fell for the first time in seven days, in a possible sign that investors are pausing to re-evaluate the market's recent highs. Benchmark crude oil fell below $106 per barrel. The dollar slipped against the yen and the euro.
- A climate change report aimed at businesses forecasts potentially expensive consequences in the next 50 years. The report commissioned by the Risky Business Project is designed to convince businesses to factor in the cost of climate change in their long-term decisions and to push for cutting emissions that are heating the planet to avoid lost property, reduced industrial output and higher health expenses by 2050.
- A closely-watched survey shows German business confidence slipped for the second month in a row amid growing concerns about the economic impact of the crises in Ukraine and Iraq. The Ifo index released today slipped to 109.7 points in June from 110.4 in May and 111.2 in April. Companies seemed less optimistic about the future, with the measure of their expectations dropping to 104.8 from 106.2 in May.
- The White House and an influential pair of business organizations have called for renewal of the Export-Import Bank after newly elected House Majority Leader Kevin McCarthy of California said the agency should be phased out. The bank's existence is fast emerging as a flashpoint in the internal Republican struggle between the business-backed establishment and tea party groups. White House spokesman Josh Earnest said the bank, quote, "helps American companies create and support jobs here at home at no cost to taxpayers."