(As of 7:20 PST)
After a three day slide, US stocks have started today
slightly higher. Investors remain
cautious however as Ukrainian tensions have picked up and weighed on global
markets. The economic data calendar is
light today as investors looked ahead to tomorrow’s release of the Fed’s recent
policy meeting minutes. Also, despite being
removed from the Dow Jones Industrial Average, aluminum maker Alcoa will
unofficially kick off earnings season today after the closing bell. Earnings forecasts are lackluster as winter
weather, which lingered into the first quarter, is expected to impact
results. Global markets are mostly lower
today. Gold and oil are higher while
interest rates are flat. Negative
sentiment is building into the market as macro events are taking center
stage. Russia-Ukraine tensions, the Federal
Reserve taper, and uninspiring earnings forecasts are painting a gloomy picture
just weeks before “sell in May, and go away.”
With markets roaring back to record levels after January’s selling, we’re
seeing selling pressure that could slow this market down for awhile.
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