(As of 7:10 am PST)
Stocks opened near the
unchanged line but have since seen downward pressure as investors returned to
trading after yesterday’s Martin Luther King Jr. holiday closed US markets. The
main focus for this week will be outside the US, as investors look to
Thursday’s meeting with the European Central Bank. Most analysts and traders are expecting Mario
Draghi and the ECB to announce the beginning of its QE bond-buying program
Thursday. European markets have rallied in the past week ahead of this week’s
ECB meeting and the perceived ‘easy-money’ policies that are set to begin
Thursday. Earnings announcements picked up today with mixed reports from Morgan
Stanley, Johnson & Johnson, and Halliburton weighing on markets at the
open. Also adding to the negative sentiment is a 5% drop in crude oil bringing
the price per barrel back to $46.50 after rallying Friday. Gold is higher today
and interest rates are down as more money moved into ‘safe haven’ assets than
risky assets.
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