(As of 7:20 am PST)
US stocks inched higher at today’s open but then quickly
fell back in to the red after a brutal week of losses last week. The major
benchmarks etched their worst weekly losses in over two years as concerns over
global economic growth triggered last week's selloff. Today’s action is expected to be
quiet with no economic data on the calendar and the bond market closed for
Columbus Day holiday. Earnings will pick
up tomorrow with reports coming from major banks including JP Morgan Chase and
Citigroup. In overseas action, Asian
markets finished the day mixed despite positive Chinese trade data, while
European indexes are mostly higher. Gold is higher today while oil continues to
tumble, down 1% to $84.75 per barrel.
After last week’s selloff, many analysts are hoping this week’s earnings
calendar will provide a boost to a very fragile equity market.
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