(As of 7:15 am PST)
After another disappointing day on Wall Street yesterday
it appears the bleeding may have stopped, at least temporarily, as stocks
regained momentum at the opening bell this morning. The Dow is leading the way with near triple digit
gains as the Nasdaq and S&P500 are also higher. A disappointing durable goods report briefly
stalled stocks but wasn’t enough to derail the upward momentum. Orders for durable goods slipped unexpectedly
in December as orders for aircrafts and autos dragged. Orders for core capital goods also fell, marking
the 4th decline in 6 months.
A strong report on consumer confidence surprised to the upside boosting
markets. Shares of Apple plummeted in
the after market as the iPhone maker cast a disappointing earnings outlook
despite beating Wall Street’s quarterly estimates. Apple shares are down 8% in early trade. Upbeat results from other big names like
Ford, Pfizer, and DuPont softened the blow from Apple and have kept the major
indexes afloat. Asian markets finished
lower and Europe is higher heading into the final hour of trading. Gold is down 1% and oil up 2%. Interest rates are bouncing around. The 10 yr. treasury yield was up on the day,
then swung lower after the durable goods report. Rates are nearly flat now. There is still a lot of global uncertainty,
but the market for now at least, have come up for air. Volatility could
stick around as the focus now turns to the Fed and its policy meeting tomorrow.
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