It’s a cold morning on Wall
Street both outside in the snow storm aftermath and inside as investors have
kicked off the week with a chilly start. After ending last week with the first
positive weekly gains of 2016, the markets have opened down this morning with
the culprit again being oil. Oil surged 9% on Friday and took the markets
soaring higher with it. The familiar story of excess supply and weak demand
have brought oil back to earth this morning as it is down over 3% in early
trading. There will be a lot for investors to digest this week other than oil
with earnings season kicking into full gear, a Federal Reserve meeting and a
full slate of important economic data. Over 130 companies report Q4 earnings
this week with Apple, Amazon, Boeing, Ford and Johnson & Johnson leading
the way. The FOMC meeting begins Tuesday and could offer hints about the
central bank’s outlook on the global economy. Economic data due out this week
includes unemployment data and a reading of Q4 gross domestic product. With oil
being the major market mover the past few weeks, maybe a busy week of news and
economic reports can distract investors from the oil woes.
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