(As of 7:05 am PST)
US stocks opened near the unchanged line and are moving
modestly lower as the first hour of trading gets underway. The data calendar is thin today, but a report
on durable goods orders showed orders slipped in February for the third decline
in four months. Excluding the volatility of the transportation sector and military
orders, core orders also fell 1.4% in February, marking the sixth straight
monthly decline – the first time that has happened since 2012. A weak global
economy and a strong US dollar are causing strain on US business exports and
thus a decline in durable orders. In corporate news, a merger deal between Kraft and Heinz is
making headlines sending shares of Kraft up 32% on the announcement. Overseas action is mixed. Asian markets finished the day
mostly higher with the Japanese Nikkei still hovering near a 15 year high.
European stocks are down despite a positive sentiment report out of Germany.
Gold and oil are both higher while the US dollar is down continuing its range
trade this week.
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