Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- Tech stocks are giving US markets a boost.
- Investors continue to back away from safe haven investments as global tensions ease.
- Commodities are mostly lower, especially metals and energy.
Morning! US Futures higher again led by Tech (AMD, STX, WDC all 2%+), While HD up ~3% in a beat and raise. QQQs and SPY both up ~20bp, but rejected from yesterday’s highs in those S&P E-Minis. Quiet overseas, with Korea, Italy, Chile, India, Poland, Greece and Austria all closed for Holiday. Havens still losing ground, with Swissie, Yen, Gold and Govvie Debt all weaker. Mostly Green in Europe, with the DAX up 30bp as Fins rally. FTSE up 30bp, held back by a drop in the miners — but Volumes awful — Most exchanges trading 30% light to trends. In Asia, Nikkei regained yesterday’s hit — climbing 1.1% as Yen fell – Aussie popped 50bp as REITs leapt – Shanghai added 40bp – Hang Seng lost 30bp
The US 10YY is trying to get back upside 2.25% as Bunds continue to be sold, and the Fed Funds back to 47% chance of a December hike ahead of Fed Minutes tomorrow — The Dollar still going on the Dudley – Sterling hit to 5week lows on weaker UK Inflation – Euro weaker as UBS advises clients to “take Profits” and German GDP comes in Light, but a Big Inflation Beat in Sweden has the Krona on 5month highs. Metals look mostly red – Ore up small, but Rebar hit for another 1.6% as margins are hiked — Silver is getting smoked for 1.5% and Gold is falling 80bp. Energy all red – No Bounce in WTI — Still under that 100dma, while Natty drops nearly 1%
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