With economic and corporate news flow still seasonally quiet, and nothing else to distract them going on, investors still appear to be clinging to Wednesday’s slightly-less-dovish than thought Fed projections in interest rates. In the absence of new developments, US indices have continued their downward drift into this morning.
US index futures are down between 0.6% for NASDAQ futures and 1.0% for Dow Futures. European markets are also in retreat with the Dax and the FTSE both down about 1.4%. Energy and metals trading is mixed today with WTI crude oil down another 1.1%, copper flat as it digests yesterday’s plunge, and gold bouncing back 0.5%.
The only corporate news of note was earnings from Adobe ($3.03 vs street $2.84), which came in better than expected.
Being the third Friday of the month, it’s the last day of trading in monthly options which could influence action in selected stocks. Other than that, markets appear to be marking time and waiting for earnings season to start in July as is seasonally common at this time of year.
New Video: SIA Wealth April Webinar Replay
A replay of yesterday’s SIA Wealth webinar which included an update on True Tacticaltm investing, and market insights from SIA Wealth Founder and CEO Jeremy Fehr is now available.
GoToMeeting Version: https://attendee.gotowebinar.com/recording/835408250960295175