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Monthly auto sales are released by manufacturers throughout the day Tuesday, and are expected to show an annualized selling rate of 13.8 million, slightly higher than 13.7 million last month. Factory orders for May are reported at 10 a.m., and are expected to rise 0.1 percent, from the previous 0.6 percent decline.
“The pent-up demand is huge but we’re not seeing the cyclical pickup. We’re at the point where much of the vehicle fleet is old. They’ve got pretty reasonable financing rates, but people are still delaying it,” Swonk said. She noted that the auto industry has been one of the positives in the economy but now Europe threatens that recovery.
Stocks close early, at 1 p.m. Tuesday, ahead of Wednesday’s Independence Day holiday. Markets reopen, as normal, on Thursday. The Dow Monday fell 8 to 12,871, and closed well off its lows. The S&P 500 was up 3 at 1365, and the Nasdaq was up 16 at 2951.
Nymex crude Monday fell 1.4 percent to $83.75, while Brent lost a half percent to $97.34 per barrel. Iran meets with six nations in Turkey Tuesday to discuss its nuclear program. Dennis Gartman of the Gartman Letter said oil could move even lower despite Iran because of the increased pumping by Saudi Arabia and the increase in production of both oil and natural gas in North America.
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