(As of 7:25 am PST)
US
markets are rallying today after two consecutive days of mild losses, as
investors sifted through a deluge of earnings reports as well as digested fresh
comments from European Central Bank President Mario Draghi, that the central
bank stands ready to provide additional stimulus measures to the fledgling
European economy. European markets are leading the charge higher with the broad
indexes up over 2% heading into the final hour of trade. US investors traded
the European news higher prior to the opening bell, while mixed earnings seemed
to be overlooked in light of the European stimulus announcement. An upbeat
earnings report from McDonald’s provided some lift early, however mixed reports
from 3M, Under Armour and Caterpillar could weigh on the indexes as the day
wears on. Some big names reporting after the bell today include Amazon,
Pandora, AT&T, Microsoft, and Google’s spinoff Alphabet Inc. The
anticipation of these reports may influence late day trading as investors
jockey to adjust positions ahead of those reports. Economic data is light
today, although a report on jobless claims showed the 4-week average of claims
falling to a near 40 year low. Oil prices are up 1% to just under $46 per
barrel, while gold is trading flat on the day. Interest rates are flat with the
10 yr. treasury yield hovering around 2.00%. It’s nice to see a strong rally
early on today, but it wouldn’t be a surprise to see gains dissipate as the day
wears on.
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