(As of 7:15 am PST)
It appears yesterday’s 2% rally in stocks may have been a
bit overdone. Momentum appears firmly to the downside today with the Dow down triple digits and the other major indexes down significantly
as well. Yesterday’s market move came
after the release of the FOMC’s latest meeting minutes which seemed to indicate
the Fed's interest rate hike was further down the road than expected. Eyes will be on the Fed again today as six
central bankers are set to give speeches, with two of the official voting
members of the Fed’s interest rate setting committee set to speak. In economic news, jobless claims numbers came
in below 300,000 for the 4th week in a row, another good indication
of an improving labor market. Earnings reports continue to trickle in with
Alcoa, Pepsi, Gap and Tesla all making headlines today. International markets
are mixed with Asian indexes finishing higher on the day while Europe is mostly
lower. Gold is up nearly 2% while oil continues its downward spiral with prices
dropping below $87 per barrel today.
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