The Dow Jones Industrial Average was losing 89 points, or 0.8%, to 10,740. The S&P 500 was shedding 11 points, or 0.9%, to 1,135, and the Nasdaq suffered the steepest knock, declining by 29 points, or 1.2%, to 2,341. If you can't see this chart, your browser doesn't understand IFRAME. However, we'll still<A HREF="http://www.thestreet.idmanagedsolutions.com/charts/common/quote.chart?SYMBOL_US=SPX &TIME_SPAN=6M&XAXIS_LABEL=1&WIDTH=290&HEIGHT=145" target="0">link</A>you to the chart.
Investors were greeted Monday morning with the kind of mixed economic reports that have come to be expected in a stalling economic recovery.
Factory orders slipped 0.5% in August after rising 0.5% in July, the Department of Commerce said. The decline was in line with expectations.
Meanwhile, pending-home sales positively surprised, jumping 4.3% in August and outpacing expected growth of 1%, according to Briefing.com. August's level compares with growth of 4.5% in July.
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Hembre believes investors may be awaiting ISM non-manufacturing numbers for September on Tuesday in addition to Friday's highly anticipated September nonfarm payrolls report from the Labor Department.
Also on tap for the week is the start of third-quarter earnings season.
"Earnings performance has been much stronger than the economy in general, and I would expect that would continue -- although, I think the magnitude of that discrepancy will begin to close. You have seen some softer indicators going into this earnings season in terms of pre-announcements -- they haven't been as robust as they have been in the past few quarters," he said. "Overall, I don't think they'll be a lot of disappointments in the third quarter but I think the guidance for the fourth quarter and into 2011 will be very important."
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