(As of 7:10 am PST)
We’re
off to a slow start today with the major US indexes opening in the red as the
Dow Jones Industrial Average fights to keep alive a 7 day winning streak – its
longest of the year. Disappointing Chinese trade data is to blame for today’s
weak open. China’s exports and imports fell in September signaling that weak
global demand continues to impact the world’s second largest economy. Third
quarter growth data is set to be released next week for China, with many
analysts projecting that China could fall short of its 7% target for the year.
Today’s data sent most Asian markets into the red, with European stocks also
falling across the board. Data is light on the home front as investors traded
down the China report while looking for bright spots on the earnings front.
Shares of Johnson and Johnson rose in pre-market trading as the company
reported better than expected earnings. Molson Coors Brewing Co. is surging 12%
to lead all S&P500 companies today as news of an Anheuser-Busch takeover of
SABMiller PLC spread throughout the beer-making industry. Earnings
announcements from Intel and JPMorgan Chase will be closely watched after the
bell today. Gold is trading flat today, while oil is up slightly. Interest
rates are down slightly as investors sought the safety of the US treasury.
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