Markets Gap Higher for End of week.

Erica Villalon Trade Desk

Popular posts from this blog

Crude Oil falls on Fear...

Image
Oil markets continued to head south Wednesday, with U.S. crude futures tumbling to a near 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand. AT 9:00 AM ET (1300 GMT), U.S. crude futures traded 8.7% lower at $24.94 a barrel, its lowest since May 2002. The international benchmark Brent contract fell 5.2% to $27.23, its lowest since May 2003. The battleground against the virus has moved from Asia to Europe and America. Deaths have continued to soar in Italy and Spain, prompting the European Union to ban travellers from outside the bloc for 30 days in an unprecedented move to seal its borders. Travel within Europe has also been severely limited by public health measures closing most non-essential business activity. The Trump administration has recommended the closure of restaurants, bars and schools while assembling a $1.2 trillion stimulus plan that would shortly send cash to Americans, and backstop airl...
Read more

S&P 500 is Flat...

  Erica Villalon Trading Desk The S&P 500 was little changed on Tuesday following a three-day rally as a drop in Apple shares (NASDAQ: AAPL ) overshadowed optimism from remarks made by U.S. and China officials in pledging firm commitment to a Phase One trade deal. The benchmark S&P 500 opened at a record high as the news eased some concerns the deal could be on shaky ground. Investors also anticipate the centerpiece event of the week - an annual conference of U.S. central bankers where Federal Reserve Chairman Jerome Powell is scheduled to speak. The S&P 500 and Nasdaq logged new closing highs on Monday, boosted by signs of progress in developing treatments and vaccines for COVID-19. The benchmark index surpassed its pre-pandemic high last week even as recent economic indicators signaled a bumpy recovery from the virus-led downturn. A survey from the Conference Board showed U.S. consumer confidence unexpectedly fell in August to a six-year low. https://www.plurk.com/eri...
Read more

Markets Consolidate and Keep Gains.

Image
http://www.authorstream.com/ericavillalon/ U.S. stock markets turned negative on Tuesday as President Donald Trump renewed his pressure on the Federal Reserve to cut interest rates further, hitting financial stocks in particular.   By 10:10 AM ET (1410 GMT), the Dow Jones Industrial Average was up 97 points, or 0.4%, at 24,319 points, while the S&P 500 and the Nasdaq Composite were both slightly down. "As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the “GIFT”. Big numbers!" Trump tweeted.  JPMorgan (NYSE: JPM ) stock fell 1.0% while Bank of America (NYSE: BAC ) stock fell 0.9% and Citigroup (NYSE: C ) stock fell 0.8%, reversing early gains, amid fear that even lower official interest rates will squeeze their profit margins as has been the case in other countries where the strategy has been tried, such as the euro zone and Japan. Bank stocks had opened marginally higher, reassured by comme...
Read more