(As of 7:10 am PST)
The
markets are off to an encouraging start this morning after a roller coaster day
yesterday. Once again the sentiment fueling the worldwide marketplace is the
struggling Chinese economy and dropping oil prices and this may not change
until investors can have an opportunity to chew on US economic data and
earnings reports which will start later this week. Experts feel that there is
room to bounce after heavy selling to start the year, but it would be more
encouraging to see some underlying data to bolster this volatile start to the
year. Overnight, China’s Shanghai Composite closed slightly higher but it is
still down nearly 15% in the first week and a half of the New Year. Oil is
experiencing a slight increase which is giving energy companies a lift in early
trading this morning. The only economic data due out today is a November
reading on U.S job openings but this isn’t a typical market moving report.
Alcoa unofficially kicked off the Q4 earnings reporting season and topped Wall
Street’s forecasts for profit but their revenue missed the mark. They are
trading over 2% lower this morning. Gold is down today while interest rates are
flat.
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