(As of 7:15 am PST)
US stocks opened slightly higher today, but the major
indexes are still on pace to finish with the worst weekly losses in nearly two
months. Escalating tensions in Iraq
caught investors by surprise mid-week and is the highest cause for investor
concern. An intensifying conflict
between Sunni militants and the Iraqi government have sent oil prices soaring
this week and may well be the event that disrupts the melt up we’ve seen in the
financial markets recently. So far, the
market has shown a modest reaction. In
other news today, shares of Intel are soaring 7% after the chipmaker lifted its
Q2 revenue guidance after the bell yesterday.
Economic data is light today, although a report on consumer sentiment
showed sentiment declined in June. Asian
markets finished Friday trading mostly higher while European stocks fell over
concerns in Iraq and comments out of the Bank of England which indicated a prospective
rate hike. Volatility is picking up and it appears momentum may be shifting to
the downside. Expect another negative
day today as investors keep a close eye on the situation unfolding in Iraq.
1 comment:
This is really an excellent blog as well as its content. Ian Filippini Santa Barbara
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