(As of 7:25 am PST)
The Dow Jones Industrial
Average ended a 7 day winning streak yesterday and may be headed in the same
direction today if early trading is any indication. At least that’s what it
should do if logic prevails given some of the global economic news that is out
there today. News from China continues to be negative. Weaker than expected inflation data including
a 5.9% year-over-year decline in China’s producer price index sent most Asian
markets south overnight. Today’s U.S. economic calendar hasn’t produced much
uplifting news either. Producer prices declined 0.5% in September which was
caused by the drop in energy prices, indicating inflation remains relatively
tame. On the flip side, retail sales increased 0.1%. Earnings continue to come
in mixed this week. JPMorgan Chase and Intel both reported lower than expected
earnings, while Bank of America and Delta reported better than expected results.
Oil is trading slightly lower and gold is up slightly in what looks like a back
and forth day.
No comments:
Post a Comment