(As of 7:20 am PST)
Falling oil prices are
continuing to weigh on stocks early Thursday as the main US benchmarks opened
lower for the third consecutive session putting them on track to snap a
five-week winning streak. Disappointing economic data added to the gloomy
picture Thursday sending investors scurrying to the sidelines ahead of the long
Easter holiday weekend. US orders for durable goods fell 2.8% in February following
a 4.9% increase in January marking the third decline in four months. The
decline was mostly in line with expectations but sparked concern over the
impacts that a weak global economy and tumbling oil prices are having on the US
manufacturing sector. All major industrial sectors except for automakers showed
declines. Core capital goods, which excludes the volatile energy and
transportation sectors, declined 1.8% marking the second drop in three months.
Other data out today showed jobless claims rose slightly in the prior week. On
the global scene, Asian markets finished Thursday’s trading in the red, while
European stocks headed toward a negative close as investors remained risk
averse after the terror attacks in Brussels earlier this week. Oil prices are
down over 2% today sending shares of energy companies tumbling and dragging the
broad market lower. Interest rates are down slightly. Expect a quiet afternoon
as traders head out for a long holiday weekend. As a reminder, the stock market
will be closed tomorrow in observance of Good Friday, but will be open again on
Monday.
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