(As of 7:05am, PST)
It looks like we may be back to the trend of where oil
goes, so go the markets. The markets are all down this morning following a
slide in oil prices. All of this after a volatile day yesterday which saw the
Dow slipping to a triple digit loss in the early going and closing the day slightly
in the green. The oil slide today is due to an announcement by OPEC that there
will be no change in crude output. Consequently, energy stocks are taking a
beating in the early going. Investors will continue to have their eyes focused
on oil as OPEC continues meeting through the rest of the week. The labor market
continues to look strong with the ADP Employment Change report showing an
increase in private sector jobs close to expectations and a revised number for
April that was better than expected. Unemployment continues to improve and
marked its 65th straight week where initial claims have been below
300,000. These healthy labor reports are all in line with the Fed targets and
point to interest rate increases as the year rolls on. All eyes will be on the nonfarm
payroll reports which are due out Friday. In news around the world, the ECB
left its key lending rates unchanged as expected. All of the European indices
are in the red at the moment while results in Asia are mixed.
No comments:
Post a Comment