The major averages are pulling back again following more earnings, weaker-than-expected economic data and new tariff comments from President Donald Trump. The Dow Jones Industrial Average fell 61points. The S&P 500 fell 30 points while the Nasdaq declined 137 points or 0.5%.

On the economic front, the ISM Services index flatlined and did not decline in July following weak employment data last Friday. Some investors are concerned about stagflation or higher inflation with lower employment. Interest rates did not move much. The 10-year note yield rose a basis point to 4.20%, while the 2-year Treasury note climbed 4 basis points to 3.72%. The 30-year bond fell 2 basis points to 4.77%.

On the earnings front, Palantir was a diamond up 6% as the AI defense technology company said revenue surpassed $1 billion for the first time. Pfizer, Leidos, Tanager Outlets, and BP were higher on earnings. Caterpillar is unchanged on earnings while Fox and Frontier are lower on earnings.

On the commodity front, oil is lower again even as tensions persist with Russia. Gold is modestly higher while bitcoin is down a percent.  

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