Steady Markets Digest Recent News and Moves

Yesterday’s 0.6%-1.6% rally in US indices which carried the S&P 500 to a new all time high has not carried through overnight trading. Asia Pacific trading was mixed between -0.4% and +0.4%, while in Europe this morning, the Dax and the FTSE are both flat.

US index futures are flat to down 0.2% while the US 10-year treasury note yield has crept up above 4.15%.  Investors continue to weigh the potential impact of yesterday’s worse than expected inflation numbers on monetary policy. Today is very quiet for economic news, tomorrow brings US retail sales and producer prices. In earnings news, homebuilder Lennar* reports after the close tonight. 

US Crude Oil is up 1.7% this morning, trading above $78.50/bbl after API reported a 5.5 mmbbl drawdown in its weekly oil inventory report. DOE oil inventories are due at 10:30 am EDT. Natural Gas is down 1.4% with the end of home heating season approaching. In metals action, Copper is up 2.0%, trading above $4.00/lb, Gold is up 0.2%. Cryptocurrencies are climbing again with Bitcoin up 2.2% and Ether up 1.6%.

*Shares of Lennar are held in some portfolios held by SIA Wealth Management.

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