(As of 7:15 am PST)
After a nice bounce back yesterday from Wednesday’s losses,
the main indexes are on track to record their second consecutive week of
gains. The economic data calendar is
empty with sector moves coming today on several earnings announcements. Shares of Nike are down over 3% after
providing soft guidance for the year despite a solid earnings beat on the
recent quarter. Tiffany & Co. and
Darden Restaurants reported below expectations earnings but shares at this
moment are higher on the day. Attention
today will be likely on several Fed officials who are scheduled to give speeches
on the state of the economy and the Fed’s current policies. International markets are mixed with Asian
indexes finishing mostly higher and European markets struggling for direction
in the final hour of trading. Gold and
oil and most other commodities are higher.
Today is ‘quadruple witching’ day, a phenomena that happens 4 times per
year when index futures, index options, stock options, and stock futures all
expire on the same day. As investors
scramble to open and close positions, often volatility can occur. With little to trade on today, expect market
action to be mixed.
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