Tag - FSRV

Small-cap shares were hovering near steady levels in morning activity, absorbing a large batch of data and Fed speak without any major price gyrations. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.63, or 0.09%, at 735.43.

The Philly Fed survey came in at minus 15.6, which was better than the projection for a decline of 19. That report was on the heels of the Industrial Production release and the NY Manufacturing Survey, providing quite a bit of data this morning on the manufacturing front — none of it all that upbeat. Industrial Production was pegged at minus 0.7%, which was below the forecast for a dip of 0.3%. Meanwhile, the NY Manufacturing data came in at minus 3.23 for May, below the forecast for 0.00.

In addition, the Weekly Claims report edged slightly higher to 371,000, which was just above the forecast of 370,000.

While investors were busy digesting a glut of morning economic data, Federal Reserve Chairman Ben Bernanke was busy talking about financial institutions and how to better prepare for crisis situations. His basic comments have been stated before, and the market appeared to focus on other factors for early direction.

Crude oil prices jumped back higher this morning, and were trading above $125 dollars a barrel. Pump prices around the country have spiked higher this week, which could crimp consumer spending habits. A direct victim of higher gas prices would appear to be retailers, but they have been fairing well of late, with the S&P Retail Index climbing yesterday and on solid footing this morning following better-than-expected . . .