(As of 7:15 am PST)
Comments
from two voting members of the Fed this morning have markets backpedaling from
their Friday highs. Boston Fed President Rosengren and St. Louis Fed President
Bullard separately made statements that left the door open for a June rate
hike. As we’ve witnessed throughout the entire month of May, the market seems
set to trade in a range bound pattern with little conviction on the part of
buyers or sellers to drive pressure in either direction. With earnings season
winding down, we’re likely to remain in this pattern for the next couple of
weeks with investors highly focused on Fed remarks and US economic data that
could influence June’s rate decision. Speaking of data, the calendar is empty
today with a report on new home sales set to be released tomorrow. Oil prices
are slumping today, down over 1% to $47.90 per barrel on oversupply worries. Gold
prices are down while the US dollar index is inching higher. In overseas
action, Asian markets finished the day mixed while Europe is heading towards a
negative close.
Don’t
forget to check out the home of our new blog at www.millerfinancial.biz for daily
financial updates.
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