Stocks Off Lows, But Dow Still Down

U.S. stocks declined on Friday despite positive economic data as weak Amazon earnings and concerns over continued unrest in Ukraine and Gaza weighed on markets.

“The percent of stocks above their 50-day moving averages isn’t a vast majority, so the divergences within it tell you the that markets might want to consolidate a little bit,” said Art Cashin, director of UBS floor operations at the New York Stock Exchange. “So I think certainly for now they want to rest a little.”

Orders for long-lasting U.S. manufactured goods rose more than expected in June, pointing to momentum in the economy at the end of the second quarter. The report did not move markets in pre-market trading.

“The markets are looking a bit tired,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “We’re headed to a very busy week of economic data.”

The Federal Open Market Committee meets next week, and economic data reports include second-quarter GDP and U.S. employment figures.

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