A lackluster start to earnings season weighed on the markets today, as did concerns over the global economy.
On the economic front, the Commerce Department said wholesale inventories advanced 0.5 percent as expected to $487.5 billion in August.
The Mortgage Bankers Association is reporting a 1.4 percent drop in weekly mortgage applications last week, due to a slight decline in refinance applications.
Alcoa (NYSE:AA) reported better than expected earnings after the closing bell yesterday, but the company lowered its 2012 aluminum demand forecast, due to weakness in China and Europe. Shares of Alcoa are trading lower today.
Costco (NASDAQ:COST) beat earnings and revenue expectations, after the company raised membership fees. Shares of the warehouse retailer are trading higher today.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as import/export prices.
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