(As of 7:20am, PST)
Stocks closed out Wednesday with a solid showing, ending two days
of consecutive losses. The Dow finished up 112 points while the S&P500
closed up over 1%. Today is a different story as most indices have opened in
the red. Today’s move seems to be triggered by two factors – a drop in oil
prices and some hawkish sentiments in the Federal Open Market Committee
minutes. The Fed minutes were confusing at best but contained more hawkish
statements than experts expected which may be spooking investors. Economic data
is light today. The initial jobless claims report gave investors a bit of good
news. Claims were down in the most recent week and for the 57th straight week they were below 300,000
which is the longest streak since 1973. In news from around the world, the
strength of the yen against the dollar hints of concerns about Japan’s economy.
Asian indexes were mixed on the day while most of Europe looks poised to finish
in the red. As we close out the week before earnings season, concerns about
overvalued P/E’s are putting a lid on any significant market gains. Expect a
sideways pattern as we lead up to next week’s kickoff of Q1 earnings season.
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