(As of 7:15 am PST)
Markets are down to start
Thursday’s session, as the Dow Jones Industrial Average looked to snap a four
day winning streak. There’s little data out today to influence the morning’s
selling pressure. What we’re likely seeing is some profit taking and
consolidation activity after the recent run-up in stocks. International markets
opened mixed with Asian stocks mostly down on the day, although China’s
Shanghai index bucked the trend, finishing up nearly 3% after a five session
holiday. Believe it or not, that was a disappointment for overseas investors,
as many expected the Chinese markets to rally further to keep pace with the
gains in global markets over the past several days. European markets are up
slightly heading into the final hour of trading. As mentioned previously,
economic data is light today, although a report on jobless claims showed the
number of people filing for unemployment benefits fell 13,000 to 263,000 last
week – the lowest level since mid-July. Later this afternoon the Fed will
release the minutes of its recent September FOMC meeting. Investors will be looking
for clues as to why the central bank decided to delay its interest-rate hike
and also what the Fed’s outlook is for the remainder of 2016. Lastly, the
unofficial kickoff of Q3 earnings season begins after the closing bell today,
as aluminum-maker Alcoa gets set to announce their earnings. An upside surprise
would be a nice way to start what otherwise is expected to be one of the
weakest earnings seasons in years.
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