(As of 7:15 am PST)
After
closing out its first down day in over a week yesterday, the markets have
opened today with modest gains as investors respond to mixed earnings reports
and data on weekly jobless claims and productivity. Facebook leads the way on
the earnings front with a strong report that caused its shares to move upward
while Whole Foods and Qualcomm declined on less than stellar reports. The
markets are still digesting Fed Chairwoman Janet Yellen’s speech yesterday
where she strongly hinted of a possible rate hike in December. In global news, most
European indexes are higher despite disappointing factory data out of Germany. This
updraft is likely due to a conditioned response lately of bad news leading to
the European Central Bank bolstering stimulus measures before year end. Asian
markets finished the day on a mixed note. The expectation of a rate hike here
at home has affected the Treasury yield curve, where the 2-year note yield
jumped to its highest level since 2011. The big news due out at the end of the
week is the non-farm payrolls report due out tomorrow which could likely have
an impact on markets as the week closes out. Both gold and oil are lower in
early trading.
No comments:
Post a Comment