U.S. stocks opened lower on Wednesday after another economic report, this one on private-sector employment in May, came in weaker than expected. The Dow Jones Industrial Average fell 43 points to 12,526. The Standard & Poor's 500 Index declined 4 points to 1,341. The Nasdaq Composite Index shed 3 points to 2,831. Nothing looks particularly good. Jos. A. Bank is down 12% following earnings. Dollar General is down 7% following earnings. Ashland was upgraded and Macy lifted same store guidance, but both are lower. The financials are getting clobbered. They're acting awful once again. Bank of America made comments this morning that the housing environment is not improving. Blackrock and Citigroup were upgraded, but both stocks are lower. The commodities are also getting hit. Arch Coal is down 2% after issuing new shares. Only in the tech space are a few stocks showing some life. Google, Apple, and IBM are showing some life, but everything else is lower. Nokia is getting clobbered for a second straight day following more downgrades. Broadcom, Yahoo, and Ebay were upgraded, but all three are lower. After the first half an hour, weak manufacturing numbers sent the averages lower. The Dow dropped over 100 points. The Nasdaq declined 17 points. Not a good start to the month of June.
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