(As of 7:20 am PST)
Tuesday is off to a slow start
as slumping oil prices, mixed earnings reports and weak economic data weighed
on stocks. It’s a busy day on the earnings front, with most reports coming in
mixed so far. Investor attention will be focused throughout the day on Apple,
which reports after the bell today. In addition to a torrent of earnings
reports early, markets have had a batch of poor economic news to contend with.
Durable goods declined 1.2% in September marking the second consecutive monthly
decline as softness in manufacturing activity weighed on the report. In other
disappointing news, US consumer confidence fell in October more than economists
expected. In overseas action, news is light with Asian and European markets
mixed on the day. A decline in oil prices is adding to the downward pressure
today as oil dropped over 2% to just under $43 per barrel. Gold is flat while
interest rates are moving lower on the safe-haven play.
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