Morning all
Thanks AM crew
SPI: -15 @ 5440
XAO Yesterday: -7
Overnight stocks struggled for direction before ending little changed.
The S&P 500 closed less than 3 points higher, with real estate up nearly 1.4 percent and utilities up 1 percent as the top advancers. Financials held slight gains of about 0.15 percent.
Kim Forrest, senior equity analyst at Fort Pitt Capital, said the move in financial stocks "could be that people are repositioning ahead of Friday's bank earnings." Wells Fargo, JPMorgan Chase and Citigroupare all slated to post quarterly results Friday before the bell.
The Dow Jones industrial average closed off session highs, withTravelers Cos., Apple and McDonald's contributing the most to gains. The iPhone maker's stock posted its first seven-day win streak since the one ended in February 2015.
The Nasdaq composite closed a touch lower, weighed by declines inCisco and Biogen. 1
Oil prices settled 1 percent lower on Wednesday after OPEC reported its September oil output hit eight-year highs, offsetting optimism over the group's pledge to bring a global crude glut under control.
The dollar index's climb to a seven-month peak also weakened demand for greenback-denominated crude among holders of euro and other currencies.
Adding weight to the market was the possibility that the American Petroleum Institute could report the first build in U.S. crude stocks in six weeks in preliminary inventory numbers due at 4:30 p.m. EDT (2030 GMT), traders said. Analysts expect the U.S. government to say on Wednesday that crude stockpiles rose 300,000 barrels last week. [EIA/S]
Brent crude settled down 60 cents, or 1.1 percent, at $51.81 a barrel.
U.S. West Texas Intermediate crude CLc1 slipped 61 cents, or 1.2 percent, to settle at $50.18. 2
Copper: + .15%
Nickel: + 1.2%
Zinc: +.5%
Aluminium: + .25%
Gold prices were trading modestly lower in early afternoon U.S. trading Wednesday, in the aftermath of the September FOMC minutes report that did not contain significant markets-moving details. The precious metals were weighed down by the recent solid rally in the U.S. dollar index, which hit a seven-month high today. 3
Gold: $ 1254
HUI: +2%
AUD Gold: $1656
AUD: .7565
Have a good day
Sources:
1 CNBC
2 Reuters
3 *****
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