Markets Consolidate as Crude Oil Retreats Again

Stock markets are steady to slightly positive this morning as equities consolidate Monday’s gains. NASDAQ futures are unchanged after the Index rallied 2.2% on Monday, while Dow futures are up 0.4%.

Overseas, the Hang Seng gained 0.2%, while the Nikkei was closed for a public holiday. In Europe, the DAX is up 0.4% and the FTSE is steady.

Crude Oil is down 2.6%, falling below $95.00/bbl toward $93.00/bbl, while Brent Crude has declined 2.0% and slipped below $100.00/bbl. Hopes are growing that world leaders attending this week’s UN General Assembly can make diplomatic progress toward resolving problems in the Middle East. Refined products remain comparatively firm, however, with Gasoline down just 0.3% near $3.45/gallon.

Copper is rallying for a second consecutive day, gaining 1.3% to trade above $6.85/lb. Gold is down 0.5% and has fallen below $4,400/oz, while Silver is down 0.4%.

The US 10-year Treasury note yield is steady just below 5.00%, while the 30-year yield remains near 5.25%. The US Dollar Index and Euro are unchanged, while the Loonie is down 0.1%.

There are no notable economic reports or major earnings releases scheduled today. Flash Manufacturing and Services PMI reports are due Wednesday morning, while Costco and BlackBerry report earnings after Thursday’s close.

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