(As of 7:10 am PST)
US stocks moved higher at the open despite a surprise
reading on the US durable goods report.
Stock futures were higher prior to the session on optimism over a positive
European trading session. Gains were trimmed right after the open, as orders
for durable goods came in surprisingly low for September. After a sharp decline in August, analysts
expected a rebound for orders of large-ticket items, but orders fell short,
falling -1.3% for the second straight month of declines. In other economic
news, a report on housing showed home price growth slowing in August, nudging
up 0.2% for the month according to the S&P/Case-Shiller Index. Despite two uninspiring economic reports,
stock gains remained firmly higher. Investors are looking ahead to the FOMC’s
rate decision later this week. Markets are expecting the announcement of the
end of the Fed’s quantitative easing program but a dovish tone around an
interest rate hike decision and the ability for the Fed to remain accommodative
if need be. There’s plenty of earnings to wade through as well today, with
the session wrapping up with a report from Facebook after the bell. Most international markets are higher while gold and oil prices are trading
around the unchanged line.
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