(As of 7:25 am PST)
Investors are wading through a
slew of economic data this morning, as US equities opened slightly in the red.
Data for the most part is weaker than expected which seems to be causing the negative sentiment
early. Jobless claims jumped 31,000 to 313,000 last week, the highest level
seen in seven weeks. Consumer prices tumbled 0.7% in January fueled
by lower oil prices. Excluding the volatile food and energy sectors, core CPI
inched up by 0.2%, slightly higher than expected. Lastly, a report on durable
goods improved in January, but was not enough to turn equities higher. In
overseas developments, Asian indexes finished the day mixed while most European
stocks were higher as economic data was plentiful. Gold is higher and oil is
giving back some of yesterday’s gains. Interest rates are flat today while the
US dollar is higher. Barring any unexpected macro events, expect the market to
continue this tight range bound trade for the remainder of the day and week.
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