Dow dropped 336 near session lows, decliners over advancers 3-1 & NAZ finished down 16.  The MLP index was off 2+ to the 221s & the REIT index tumbled 9 to the 357s.  Junk bond funds drifted lower & Treasuries continued weak, bringing higher yields.  Oil slid below 71 & gold sank 28 to 1993 (more on booth below).

AMJ (Alerian MLP Index tracking fund)

Homebuilder sentiment jumps to highest level since July

  The stock fell 91¢.
If you would like to learn more about JPM, click on this link:
club.ino.com/trend/analysis/stock/JPM_aid=CD3289&a_bid=6aeoso5b6f7

Jamie Dimon says it’s ‘unlikely’ that JPMorgan Chase will acquire another struggling bank

US Food & Drug Administration staff said Pfizer's (PFE) vaccine that protects infants from respiratory syncytial virus has “generally favorable” safety data.  The FDA staff made the conclusion in briefing documents ahead of a meeting on Thurs when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot.  The advisors will vote on whether PFE's late-stage clinical trial data on the vaccine supports its safety & efficacy.  The FDA typically follows the advice of its advisory committees, but is not required to do so.  The agency is slated to make a decision on whether to clear the shot in Aug before RSV season in the fall.  If approved, PFE's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms.  But infants & older adults are particularly vulnerable to having more severe cases.  Each year the virus kills 6-10K seniors & a few hundred children younger than 5, according to the Centers for Disease Control & Prevention.  The stock fell 13¢.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE_aid=CD3289&a_bid=6aeoso5b6f7

FDA staff: Pfizer’s RSV shot for infants has ‘generally favorable’ safety data

Gold futures settled below $2000 an ounce for the first time since the start of the month.  Prices for the yellow metal have pulled back after failing earlier this month to mark a fresh record high.  Even so, US debt ceiling drama could be supporting gold & preventing a deeper correction.  Gold for Jun settled at $1993 an ounce, down $29 (1.5%) for the session. That was the lowest most-active contract finish since May 1.

Gold futures settle below $2,000 an ounce

Oil futures settled lower, just a day snapping a 4-session losing streak.  Yesterday's recovery has stalled, and oil prices have struggle to make headway.  This is hardly surprising given the weakness in economic data from China & Eurozone, as well as the ongoing debt-ceiling saga in the US.  Jun West Texas Intermediate crude fell 25¢ to settle at $70.86 a barrel.

U.S. oil futures hold above $70 a barrel

Another tough day for stocks as shown below.  For over ½ a year Dow has stayed around the 33K trend line.  There are plenty of problems for investors to digest with good news being in short supply.

Dow Jones Industrials