Tuesday, April 8, 2014

Economic Journal - Tuesday, 4/8/2014

(As of 7:20 PST)
 
After a three day slide, US stocks have started today slightly higher.  Investors remain cautious however as Ukrainian tensions have picked up and weighed on global markets.  The economic data calendar is light today as investors looked ahead to tomorrow’s release of the Fed’s recent policy meeting minutes.  Also, despite being removed from the Dow Jones Industrial Average, aluminum maker Alcoa will unofficially kick off earnings season today after the closing bell.  Earnings forecasts are lackluster as winter weather, which lingered into the first quarter, is expected to impact results.  Global markets are mostly lower today.  Gold and oil are higher while interest rates are flat.  Negative sentiment is building into the market as macro events are taking center stage.  Russia-Ukraine tensions, the Federal Reserve taper, and uninspiring earnings forecasts are painting a gloomy picture just weeks before “sell in May, and go away.”  With markets roaring back to record levels after January’s selling, we’re seeing selling pressure that could slow this market down for awhile.     

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