Today’s Market Action

U.S. stocks are extending losses after the latest economic data showed factory orders fell in April for a second month, adding to evidence that U.S. economic growth is slowing.  The S&P 500, the U.S. benchmark equity index is now down 10% from its 2012 peak of 1,419 on April 2nd.  In other economic news, the ISM’s business activity survey report for New York City has fallen by the most in three years, moving to contraction levels, while China’s May PMI non-manufacturing “services sectors” index fell to 55.2 from 56.1 in April.  Overseas, Portugal is making economic progress out of the danger zone after troika inspectors said its budget deficit reduction plan is on track.   Meanwhile, today’s losses appear capped by speculation that the Federal Reserve is now more likely to provide additional stimulus measures at its next FOMC meeting on June 20th. Treasuries are retracing recent gains, raising the 10-year Treasury yield back to 1.5%. Gold fell $5.50 to $1,618.55/oz., while Nymex crude oil inched $0.25 higher to $83.48/bbl. 

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