(as of 7:10 AM PST)
Stocks are struggling at the open. Major oil producers Exxon, Conoco and Chevron are all taking big hits with profits being battered by the plunge in oil prices. In the meantime oil continues its downward pattern, now selling for $48 p/barrel. Europe is stable, but nervous, with key players trying to cobble a Greek financial aid package. Asia was mixed with the closely watched Shanghai market down another percent but less volatile than sessions of the last few weeks. The dollar is falling heavily against most other currencies and that is giving a lift to the battered precious metals space. The Chicago PMI, a key measure of Midwest economic activity came in at a very strong reading of 54, up from a weak 49 number last month. Anything above 50 indicates economic expansion. With big energy such a drag on indexes this morning it is hard to see anything good coming out of today's market numbers.
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