U.S. stocks open modestly lower due to more profit-taking. Encouraging housing data and a jump in second-quarter industrial production did little to boost investor sentiment. The Dow Jones Industrial Average fell 38 points to 9,299. The S&P 500 dropped 3 points to 1,003 while the Nasdaq Composite declined 5 points to 1,986. After a big run up, the markets are do for a little pull back. The earnings season is slowing down although a number of retailers are set to report here in August. In the last 12 hours Nautilus and Fossil both reported earnings. Both are lower by over 9%. Panera Bread and Abercrombie in Fitch were upgraded, but both are lower. Nothing really looks good today. The financials held in there for the first half an hour before selling off. Stifel Financial is one of the few bright spots trading up 6% on better than expected earnings. Bond insurer, MBIA is down 15% on a downgrade from JP Morgan saying the company could possibly run out of money in the next couple of years. As the morning progressed, the averages moved lower including the financials. The Dow dropped over 100 points while the Nasdaq declined 27 points. I forgot the market could move lower. In the afternoon, more of the same. We're not going anywhere. In the last hour, no rally. The Dow Jones Industrial Average finished down 96 points at 9,241. The S&P 500 Index fell 12 points to 994. The Nasdaq Composite declined 22 points to 1,969.
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