(as of 7:00 AM PST)
Profit reports and merger activity are setting today's market tempo. Stocks are up moderately, most notably technology, which is being boosted by a good earnings report from tech titan Cisco. That stock is up 8%, pulling the technology index up by 1%. A merger of two large travel operators, Expedia and Orbitz, has that entire industry on an upward swing. International news is helping bolster optimism, although press releases just seem to reflect recycled news from Ukraine talks and Greece/EU negotiations. Oil and gold are both up moderately and rising interest rates have backed off temporarily as markets prep for what appears to be a mid-year rate rise by the Federal Reserve Bank. International markets are mostly up. US economic data has been less than sterling. Jobless claims climbed more than expected and retail sales continue to slump in a very unusual reaction to lower gas prices. It appears that American's are saving those extra dollars rather than spending. That's not good for the economy in the long run. Concerns over the strength of the US economy will likely limit upside potential and might cause a market turn to the downside as the day wears on.
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