(As of 7:00 am PST)
Stocks
opened firmly to the downside with volume picking up as traders returned from
yesterday’s Veterans Day holiday. Negativity set in early as investors keyed in
on several Federal Reserve speakers scheduled to speak today. With earnings
season virtually over with, the market’s obsession has returned to the timing
of the Fed’s first interest rate hike. Last week’s jobs report has all but
solidified the case for a December rate hike, but the lack of certainty will
make the next few weeks very interesting. Adding to the downward pressure today
is a selloff in energy stocks as a report on crude oil supplies showed a
surprise spike in supplies. Oil prices tumbled nearly 3% in the early going
following yesterday’s 3% decline. In overseas developments today, Asian markets
finished mixed while European stocks sold off following Wall Street’s decline
and further comments from ECB President Mario Draghi on policy measures the
central bank is considering. Gold is not offering much safe haven support
today, with the precious metal trading flat, while interest rates traded down
slightly.
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