Stocks have opened mixed this morning as the hangover from last week’s Federal Reserve meeting lingers.
The S&P 500 has dropped 0.3% to 1,705.27, the Dow Jones Industrials have fallen 0.1% to 15,439.53 and the Nasdaq Composite has declined 0.1% to 3,769.70.
It’s not that there wasn’t any good news over the weekend. China’s “flash” manufacturing purchasing manages’ index rose to a six-month high, Angela Merkel won a third term as Germany’s chancellor and
Yet everything in the U.S. is as messy as ever. The Fed shocked investors last week when it didn’t taper but it also didn’t say that it wouldn’t start scaling back its bond purchases in the months ahead; the U.S. looks to be headed for a government shutdown after the House sent a budget that defunds the Patient Protection and Affordable Care Act; and we still don’t know who will replace Ben Bernanke as head of the Fed. And then there’s the debt ceiling, which needs to be raised again.
No wonder investors are feeling less than excited this morning.
Citigroup (C) has dropped 2.5% to $49.92 this morning after the Financial Times reported it had experienced a big drop in trading revenue.
Rockwell Collins (COL) has fallen 2.6% to $68.21 after it was downgraded to Neutral from Outperform at Credit Suisse.
General Electric (GE) has gained 1% to $24.25 after signing a bunch of deals and getting a positive mention from my colleague Jack Hough in this weekend’s Barron’s.
Nielsen (NV) has gained 1.8% to $36.51 after its deal to buy Arbitron was approved with some changes required.
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