(As of 7:00 am PST)
US equities are starting the
day lower with the S&P500 pulling back from its record close of 2,100
yesterday. Weak economic data mixed with
continuing uncertainty over Greece’s debt negotiations have investors on the
defense this morning. Reports on housing starts and building permits missed
consensus estimates for January while slowing from the pace set in December.
Data on industrial production and capacity utilization also fell just short of
estimates adding to the disappointing data that hit the wires early in the
session. The big focus for the day will come at 2 pm EST when the minutes of
the latest Federal Reserve meeting will be released. With recent language
suggesting the Fed is being “patient” in regards to its first rate hike,
investors will be looking into today’s meeting minutes for communication that
indicates otherwise. In overseas action, Asian stocks finished the day higher
on the heels of the US market’s record close yesterday. European indexes are up
slightly in a choppy session. Gold is flat and oil is lower after a volatile
day yesterday. Interest rates are up slightly while the US dollar is higher.
Expect another back and forth day pending any surprises from the Fed, as the bulls and bears duke it out over where to take this seemingly overheated
market.
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