(As of 7:15am PST)
Growth concerns about the
economy in the U.S. and abroad have pushed stocks negative for the second
straight session. After both major U.S. indices closed down yesterday, they are
firmly in the red today in early trading. Contributing to the negative sentiment
this morning was the release of the official report on trade data which
revealed that the U.S. trade deficit widened farther than experts predicted.
The report showed that in February, the deficit climbed over 2.5% due to higher
imports. Most Asian markets were down overnight
led by Japan’s Nikkei which finished down over 2% mostly due to fears about
interest rates which pulled down banking shares. And in Europe, we are seeing
red all across the board. In corporate news, Disney shares are down over 2% following
a surprising announcement that their Chief Operating Officer has resigned
creating concerns about leadership succession. Another potential contributor to
the market woes today could be tax-related selling with the tax deadline
looming next week on April 15. Oil continues its downward slide and is
approaching $35 per barrel. The only safe haven play this morning is gold and
silver.
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