Very quiet on the equities front, as everyone was just biding time today.But first, the scoreboard:
S&P 500: 0.03
And now, the top stories:
- The day started very risk-off when Japan got going yesterday. The Nikkei sold off hard right of the beginning, and since there’s so much talk about a sell-the-news selloff next week, it seemed reasonable to wonder whether that was going to be the tone of the entire day. After all, it makes sense to be the first out the door, if possible.
- Europe continued the negative mood, and ominously the PIIGS are starting to become a crisis again. Irish spreads hit a brand new high.
- The US was lower heading into the morning, and all eyes were on the Q3 GDP report.
- At 8:30, Q3 GDP came in right on the button at 2% growth. It wasn’t the prettiest 2% number. A big chunk of it was inventory restocking. End demand was weak, although household spending was strong. Housing continues to make a major drag. Folks like Nouriel Roubini and David Rosenberg confidently predicted that the number indicates a very ugly Q4 coming up.
- But the stock market didn’t mind the number too much, though the dollar continued to plunge, perhaps on the belief that the news gives the Fed ample breathing room for QE. Gold surged, and is quickly erasing its recent losses.
- The huge story of the day was the terror scares. Packages from Yemen had the earmarks of terrorism, though there were no bombs found anywhere. The market basically ignored all that news.
- Anyway, get a TON of rest this weekend. We have FOMC, the election, the BoJ meeting, the jobs report, and plenty more to roil the market.
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