Stocks Give It All Back

Stocks have given it all back.

After US stocks opened higher, the market has given up all of its gains.

Near 10:45 am ET, all of the US indexes were in the red, with the Dow down 27 points, the S&P 500 down 3 points, and the Nasdaq down 22 points.

The early drop in stocks comes after what was the Dow’s worst week in three years last week. 

Crude oil futures were also paring some of their gains from earlier in the session, as West Texas Intermediate crude was back near $US57 a barrel. On Sunday night, WTI opened sharply lower, but made its way back to above $US58 overnight but is softening some on Monday morning.

The biggest move on Monday was coming out of Russia, where the ruble was again making new lows against the dollar, crashing through 60 against the dollar to 62, a new record. 

Stateside, we got a mixed bag of economic data on Monday morning.

The Empire State manufacturing report from the New York Fed disappointed, going negative for the first time since January 2013. 

Meanwhile, the Federal Reserve’s latest report on industrial production blew away expectations, as production rose 1.3% in November against expectations for a 0.7% increase. 

Homebuilder sentiment missed expectations, with the NAHB housing market index falling to 57 in December from 58 last month. 

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