(As of 7:15 am PST)
The selling pressure from
Wednesday has continued into today’s open with the major US benchmarks moving
lower from the start. The futures market was volatile but resilient early this
morning, despite more selling in Asia overnight. However, gains quickly faded
for the Dow, S&P500 and Nasdaq – as has been the pattern most of the
week. Economic data is light today and
largely being ignored. Earnings are beginning to trickle in from some bigger
names and perhaps may offer some support to this fragile market. Notable
reports today include JP Morgan, which beat expectations on profit and revenue,
Best Buy and an after-the-bell report from Intel. As mentioned previously, most
Asian markets finished lower on the day, despite the Shanghai Index finishing
with a 1.9% gain. European stocks are tumbling into the close as fear gripped
investors across the pond. Oil prices have stabilized around the $30 per barrel
level, at least for today, but remain the culprit, along with China, for this
ongoing global selloff. Gold is flat today while interest rates are down
slightly with the 10 yr. treasury yield hovering around 2.05%.
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