(As of 7:10am, PST)
An uptick in crude prices and minutes from the Federal
Reserve’s last policy meeting will be the primary market movers today after two
straight sessions of losses. Markets have opened relatively flat in early
trading. Most experts believe that the two day downturn was more of a trading
correction after a major rally than a new downtrend. The jump in oil prices
follow last night’s positive inventory report from the Alliance Petroleum
Institute. The report showed a 4.3 million barrel decline in crude inventories.
This report combined with hints that OPEC and non-OPEC nations may reach a
production freeze agreement later this month has oil rebounding and
corresponding energy stocks rallying. The only thing that would turn investor
sentiments after the release of the Fed minutes would be if the minutes
reflected a more hawkish tone than what Yellen communicated in her speech after
the actual meetings. Confusion between the minutes and Yellen’s comments could
be cause for concern for investors. Most markets in both Europe and Asia finished
in positive territory overnight. Investors are bracing for earnings season
which will kick into full gear next week.
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