(As of 7:15 am PST)
After an impressive gain by the major indices on Monday, the
markets yesterday gave most of those gains back. Today is off to a rocky start
as investors are bracing for a release from the Federal Reserve later this
morning of minutes from their April meeting which may hint of a rate hike in
June. Several Fed officials spoke yesterday and provided enough concern to keep
investors cautious. Recent positive economic news has been pointing
toward the Fed being more hawkish toward raising rates in June. June seems to
be a focal point for investors as another key event will be the OPEC meeting
which will more than likely set the direction for future price movements of
oil. Earnings season is winding down and results this week have been
overshadowed largely by the narrative surrounding the Fed’s interest rate path.
Today’s reports came from Target and Lowe’s with results that were mixed. On
the international front, Europe struggled after news showed that the Eurozone
may be slipping into deflation and Asia was mostly in the red.
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