(As of 7:20 am PST)
US stocks are lower in early action as worries over
renewed tensions in the Russia-Ukraine conflict overshadowed positive economic
data at home. News that Russian forces
had entered and taken control of a coastal town in Ukraine sent markets lower
right at the open. Positive US economic
data wasn’t enough to lift stocks but is worth noting. The second estimate of
US GDP showed 4.2% growth in the second quarter, a strong reading and well
ahead of estimates of 3.9%. Jobless claims
also beat estimates with last week’s claims dropping to 298,000. Most major
global indexes are down on the Russia-Ukraine news with Asian markets closing
in the red, and European markets firmly lower as well. Gold and oil are higher
while interest rates took a dive on a “flight to safety.” After three straight days of gains it looks like
today we could be in for some profit-taking.
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