Equities Extend Gains as Energy Prices Retreat

Equity markets continue to climb this morning, building on Monday’s gains as falling Energy prices provide a supportive backdrop. Saudi Arabia is taking steps to bring Energy prices down, while the US is freeing up additional Diesel supply. The US Dollar is easing as Treasury yields stabilize.

NASDAQ and Dow futures are both up 0.6%. Overseas, the Nikkei and Hang Seng each gained 1.0%, while Europe’s DAX is up 0.6% and the FTSE has advanced 0.4%.

Crude Oil is down 2.6%, falling below $87.50/bbl, while Brent Crude has declined 2.8%, moving towards $97.50/bbl. Gasoline is down 1.2%, approaching $3.20/gallon. Metals are advancing, with Gold up 1.2%, climbing back above $4,200/oz, Silver gaining 1.2%, and Copper rising 0.2%, moving above $6.65/lb.

The US 10-year Treasury note yield is holding above 5.25%, while the 30-year Treasury bond yield remains above 5.65%. The US Dollar Index is down 0.3%, the Euro is up 0.4%, and the Loonie is steady.

There are no significant economic or earnings reports scheduled for today. Looking ahead, FOMC meeting minutes are due Wednesday afternoon, followed by Canada’s employment report Friday morning.

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