(As of 7:25 am PST)
After opening the week with two relatively flat days, the markets have started Wednesday on a positive note. The updraft seems to be in response to some positive earnings reports as the earning season kicks into full gear. In the good news category, GM has gotten a big boost after beating profit and revenue projections and both Biogen and Boeing reported better than expected third quarter results. On the flip side, Yahoo reported disappointing sales and Chipotle posted a profit miss and their shares are in danger of the biggest ever percentage sell-off. Another big batch of earnings reports will post later today. Oil is the other news maker today ahead of a meeting of OPEC members and non-members and the latest U.S. supply data. Any recovery of oil prices faces obstacles of more supply from Iran and weak demand in China. Oil prices have fallen close to 10% from their October high. Weekly inventory data from the Energy Information Administration will be released later this morning and will have some market-moving influence. Gold is currently trading down while interest rates are noticeably up this morning with the 10 Year U.S. Treasury up 1.8%.
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