(As of 7:00 am PST)
U.S. stocks opened the day
flat after a stellar day yesterday. On Monday, markets brushed off weak
manufacturing data while responding to positive earnings reports with a strong
surge higher. Yesterday’s rally pushed the Dow into positive territory for the
year while the S&P 500 hit its highest level since August which almost
seems impossible given the recent doom and gloom days of summer. Today could
see some pullback and profit taking if the early trading is any indicator of
what lies ahead. Market drivers on the reporting front are Sprint whose shares
fell 9% in premarket after reporting a larger loss than expected. Conversely
American Eagle Outfitters gained 7% after its earnings forecast was better than
the previous quarter. Earnings reporting will be winding down the balance of
the week. Economic news is light today with a report on September factory
orders due out later this morning followed by a report on auto sales later this
afternoon. International markets were mixed with Asia participating in some of
yesterday’s rally on Wall Street, while Europe is down slightly ahead of a
speech from ECB President Mario Draghi. Gold is down another 1% today, while
oil is up over 1%.
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