Posted: Jul 10, 2012 8:16 AM by KPAX News Staff
Updated: Jul 10, 2012 8:16 AM
Companies are starting to report their earnings and Wall Street is watching nervously. Last week's disappointing jobs report and continued anxiety over Europe's money troubles sent the Down Jones Industrial Average down 36 points while the NASDAQ fell five points.
The investment research team at UBS downgraded credit card companies Visa and MasterCard from "neutral" to "sell" and that sent both stocks lower. UBS cited slower consumer spending for the move.
But, Americans put more on their credit cards in May than in any month since November 2007. The Federal Reserve reports that consumer borrowing in May was up more than $17 billion over April. Overall credit card use remains well below where it was before the recession.
Results from a nationwide survey of small business owners will be released Tuesday morning. The NFIB Small Business Optimism Index hit a historic low in May and is expected to remain low in June.
The U.S. Department of Labor will post its latest count of job openings later Tuesday. At last count there were 3.4 million job openings nationwide. The report also calculates the rate of layoffs across the country.