(As of 7:15am, PST)
After finishing a fifth consecutive week of gains and moving
into positive territory for the year, both the S&P500 and the Dow have
opened this holiday shortened week pretty flat. With a limited amount of market
moving data available this week and the markets closed on Friday, stocks may have
a difficult time keeping their win streak alive. Oil’s price movement will
continue to be under high watch this week with the commodity trading near its
highest mark in weeks. As of this writing, oil is up slightly and stocks seem
to be following the same path. The only piece of economic data out today is the
existing home sales report for February and it didn’t contain a lot of good
news. Existing-home sales fell 7.1% in February which may indicate that the
housing market is faltering a bit. February’s decline comes after two strong
months in January and December. In news around the world, the Shanghai
Composite advanced 2% overnight on reports that authorities may want to make it
easier for investors to borrow to buy shares and optimism that March trade data
should look better than previous months. European markets kicked off the
trading week mostly in the red. Gold is currently down while interest rates are
ticking up.
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