(As of 7:20 am PST)
Stocks are rebounding from yesterday’s losses with the
S&P500 looking to snap a 3 day losing streak. Economic data is very light today. A report on the US trade balance has caught
some attention however. According to the
Commerce Department, the US trade deficit dropped to $34.3 billion in November
from $39.3 billion in October, to the lowest level seen in 4 years. The drop can mostly be attributed to strong
US exports which have climbed 5% over the past year. The booming energy industry is benefitting
the US on both sides as demand for foreign oil is slowly declining and oil
exports are picking up. The market was
surprised by the trade balance report and forecasters are reconsidering the
impacts on GDP growth in 2014.
International markets look strong with good news out of Europe. Gold is
down $10 per barrel while oil is up slightly.
Interest rates are treading water with the 10 yr. treasury yield
hovering just below 3%. The new year is
in full swing with 2013 returns in the rear-view mirror. Earnings season, Fed minutes, and a jobs
report, all on tap for this week, will help provide some clear guidance for the
first month of 2014.
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