(As of 7:20 am PST)
US markets opened slightly
below the unchanged line as investors reacted to mixed economic data and geared
up for another landmark day as the Nasdaq composite index approached
5,000. Stock futures moved early as the
second revision of Q4 GDP showed the US economy grew at a slower pace than
originally expected. According to the second revision, the economy grew at a
2.2% pace versus a prior estimate of 2.6%. Shortly after the bell, a report on
Chicago PMI caught investors by surprise with PMI dropping to a five-and-a-half
year low, from 59.4 in January to 45.8 in February. Reasons cited for the
contraction included the West Coast port strike and the harsh winter that has
struck most of the nation. Lastly, a report on housing activity showed pending
home sales rose in January to the highest level since August 2013. Europe and Asia are mixed on the day but,
along with US markets, were on pace to record strong gains for February. Oil is
up 1.5% today, looking to add to positive gains seen this month, while Gold is
trading flat. If markets can hold on today, they would close out a strong February
rally that saw record setting highs on most US benchmarks while erasing a
dreadful January trading month.
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