(as of 7:00 AM PST)
It is almost as if you can hear the wheels of the global economic growth engine slowing down today and the markets are not liking the sound. A weak manufacturing report out of China, massive layoffs as a result of low oil prices in Saudi Arabia, a reduction in analyst expectation of GDP growth here in the US and weakness in Europe: no report by itself a major market mover but, combined creating a negative pall over stock markets today. Most US indexes are down by 1% at the start. Oil is also weaker, adding to investor pessimism. Precious metals are holding steady. With most significant corporate earnings reports already in, attention is shifting to the overall economic scenario going forward. Based on future corporate profit projections it looks like stocks are a bit pricy and there is little in the way of financial stimulus to juice the markets at this time. It could be a rough day for stocks.
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