Stocks were lower led lower by tech as Apple (NASDAQ:AAPL) shares saw sharp selling after the NY Times noted how it and other tech giants use loopholes to avoid taxes. You shocked? I should think not. Banks (NYSEARCA:KBE) and Materials (NYSEARCA:XLB) were also weaker on the session.
This should be an eventful week for markets as we close April but then are bombarded by some heavy duty economic indicators. Monday featured the Chicago PMI came in cold (56.2 vs 60.8 expected & prior 62.2); Dallas Fed Survey showed economic weakness; and, Personal Income & Spending was a touch better than expected (.Income 4% vs. .3% expected while Spending .3% vs.4% previous). Tuesday is the important ISM Survey, which should confirm weakness, while employment data (ADP Report Wednesday; Jobless Claims Thursday; and, the all-important Payrolls Report Friday) will then be much featured.