(as of 7:00 AM PST)
It is surprising that US markets are holding up as well as they are given current events. Market heavyweights Apple and Boeing disappointed investors with weak sales and profit projections for 2016. Despite strong profit reports, above analyst expectations, sagging sales of iPhones and wide-body jets will make this year challenging for these two stellar companies. Oil is on the way back down to $30 p/barrel, after a nice run-up over the last few sessions. Excess inventories and anticipation of new oil entering markets from Iran might continue to plague oil prices. For the most part, both Europe and Asia followed US stocks higher from yesterday's nice rally, but it could be a difficult day today on US markets. The Federal Reserve Committee (FOMC) wraps up their meeting this afternoon, and it will be interesting to see if recent disruptions in global markets will force them to reevaluate their current strategy of increasing interest rates this year. Precious metals are giving back some gains today after a nice start to the year.
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