Oil, Gold, And The VIX Are Getting Smoked

Stocks are higher, but just slightly, to start the week.

Meanwhile oil, gold, and the VIX were all getting smoked.

In afternoon trade on Monday, the Dow was up 38 points, the S&P 500 was up 5 points, and the Nasdaq was up 15 points.

On the flipside, oil was down more than 1.5% to around $US77.30 a barrel, gold was down 1.5% to around $US1,1151 an ounce, and the VIX was down about 3% to less than 13.

Oil and gold have both been under pressure in recent weeks, and both commodities have been trading near multi-year lows.

The VIX, which measures volatility, spiked violently during the market action seen back in October, but has been under pressure in recent weeks and is down more than 40% in the last month.

The US economic calendar is light this week, though on Monday we got another read on the labour market from the Federal Reserve’s Labour Market Conditions Index, which showed labour market conditions improved 4 points between September and October.

This report comes after Friday’s October jobs report showed the unemployment rate fell to 5.8%, the lowest level since the summer of 2008.

In stock news, shares of McDonald’s were little changed after the company reported global comparable store sales that fell 0.5% in October, though this decline was less than expected by Wall Street.

GoPro shares were down about 2% after the company filed to sell $US800 million of stock. Following this disclosure, GoPro CEO Nick Woodman sent an email to employees outlining both the company’s plans with respect to the stock sale and Woodman’s own intentions as a shareholder.

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