Steady Markets Await Year-End And Next Week’s Deluge Of Data
It’s the last trading day of the week, month, quarter, and year, and so far equity markets appear content to coast into year end. US Index futures are down marginally this morning after hovering around breakeven yesterday. Over in Europe, the Dax and FTSE are both up about 0.2%. Overall, it has been a […]
Oil Retreats With Inventories In Focus
US Crude Oil is under pressure again this morning, falling 1.6% after API reported a weekly inventory build of 1.8 mmbbls last night. Oil may remain active today with DOE weekly inventories (street -2.7 mmbbls vs previous +2.9 mmbbls) due at 10:30 am EST. Natural Gas is having a better day so far, climbing 2.0%. […]
Natural Gas Rallies In Typical Holiday Week Trading
The last week of the year between the holidays, with many investors and traders away, is generally one of quiet trading on low volume with the occasional significant move. This morning finds US index futures holding steady, consolidating yesterday’s US index gains of 0.4%-0.6%. In Europe today, the Dax is up 0.3%, while the FTSE […]
Soft Nike Sales Weigh On Stocks As Holidays Approach
An up and down week for US equities is looking down so far today. Index futures contracts have fallen 0.1%-0.4% so far this morning with Dow Futures leading the way lower. Overseas, most European and Asia Pacific indices are flat heading into the holidays except for the Hang Seng which has dropped 1.7%. Despite beating […]
Stocks Rebound In The Wake Of Mixed Economic Data
Clawing back most of yesterday’s US index losses of 1.25%-1.50%, US index futures are up 0.6%-1.0% this morning. Major European indices are down across the board with the Dax, CAC, FTSE and MIB falling 0.4%-0.6%. Commodity action is mixed this morning. Natural Gas is up 1.4% ahead of the weekly storage report due at 10:30 […]
Stock Rally Stalls As FedEx Reports Soft Earnings And Guidance
Following several straight days of gains, including a nine-day winning streak for the S&P 500, the recent advance by US equity markets appears to be pausing with index futures down 0.2% to 0.3%. European market action is mixed with London up 0.6%, Frankfurt and Paris flat, and Milan down 0.2%. In Asia Pacific trading, Tokyo […]
Steady Markets Digest Inflation And Housing Data
Moving into the holiday season, markets remain quieter but supported. US indices finished flat to up 0.6% yesterday and this morning, the three main US index futures contracts are all up about 0.2%. The US 10-year treasury note yield is steady near 3.90%. Over in Europe, the FTSE is flat and the Dax is up […]
Mergers And Housing Data In Focus
With the Fed and Quadruple Witching now in the rear-view mirror, US Index futures are up slightly to start the week with gains of 0.1%-0.3%, consolidating last week’s gains. Over in Europe, the Dax is down 0.4% while the FTSE is up 0.6%. The US 10-year treasury note yield is steady near 3.90%. Energy markets […]
Dovish Fed Sparks Global Rallies In Equities, Currencies And Commodities
Please note that Morning Minutes will not be issued tomorrow. It should return on Monday, December 17th. Yesterday afternoon, the Fed sparked a major rally in equity markets after FOMC members walked back their September hawkishness and forecast potentially three interest rate cuts in 2024, up from the 2 cuts they anticipated in September and […]
Fed Decision Day Finally Arrives
Since the last Fed meeting, treasury yields have dropped off dramatically, reflecting expectations from investors that not only may be Fed be done raising interest rates, but also that they may start cutting rates early in 2024. Back in September, Fed members forecast the potential for one more hike from here by the end of […]