The Day Ahead: Stocks Dip on Sovereign Debt Fears Abroad. Treasuries Get Flight to Quality
Posted To: MND NewsWire
Equity futures are firmly lower this morning following a mixed session yesterday. The Dow looks to open 31 points lower at 10,507 while futures on the S&P 500 are off 4.25 points to 1,132.75. “The mood in global markets is towards risk aversion with no apparent trigger,” said Benjamin Reitzes from BMO. MND's Adam Quinones says weakness in stocks and the flight to quality into Treasuries is a factor of overnight news from Fitch Ratings that warned against a downgrade of the credit ratings of the United Kingdom, France, and Spain. Confirming that risk isn’t on the table this morning, WTI crude oil is down $1.25 to $80.62 per barrel, and Spot Gold is trading $6.32 lower at $1,117.23. As one would expect, the US dollar is stronger against a broad array of currencies. The…(read more)
The Day Ahead: Greek Austerity Plan, ISM Manufacturing, ADP Jobs, Fed Speak
Posted To: MND NewsWire
It’s a busy day ahead as investors will eye key data on the manufacturing industry and receive one of the top forecasting tools for the monthly employment release. Until the data hits the market, focus is on Europe as the Greek government recently new austerity measures so it can meet its deficit-cutting pledge. News reports say the plan will raise taxes and slash spending. In the US, about 90 minutes before the bell sounds, Dow futures are off 7 points to 10,392 while S&P 500 futures are about flat at 1,171.10. Meantime, commodities are on the rise. WTI crude oil is up 39 cents to $80.07 per barrel and Spot Gold is up $3.95 per ounce to $1,138.65. Key Events Today: 8:30 ― The ADP Employment Survey saw the economy shed 22K private jobs in January ― the twenty-fourth consecutive month…(read more)