Stocks are lower today, but not nearly as much as one might think, only 0.3% even though debt ceiling talks seem to be making little progress. Europe is also down. Investors apparently don’t believe a US default will actually happen. I don’t think it will, either.
China is lower after their manufacturing data came in weak again. Chinese leaders have been trying to slow down the Chinese economy and may be slowing it more than they intended.
Moodys cut the credit rating for Greece to one notch above default, the lowest rating in the world.
Gold and silver are up about 0.8%.
Bond yields (interest rates) are up today, especially Treasury bonds.
It looks like back-to-school shopping may be weaker this year as the U.S. economy continues to slow. On the other hand, housing starts and mortgage applications were reported higher today.