Morning all
Thanks Shelby for kicking off the AM
SPI: +3 @ 5372
XJO Yesterday: -45 @ 5389
U.S. stocks closed lower on Monday, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official.
Fed Vice Chair Stanley Fischer warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions,making the economy more vulnerable. An amazing statement considering rates have been at virtually nothing for years.
"For [the market] to break to the upside, we're going to need to see growth coming back into the world," said Arian Vojdani, investment strategist at MV Financial. "For us to break to the downside, we'll need to start losing faith in central bank policy."
The Dow Jones industrial average dropped approximately 50 points lower, with McDonald's, Goldman Sachs and Home Depot contributing the most losses.
The S&P 500 slipped 0.3 percent, with consumer discretionary and energy leading decliners. The energy sector was pressured by falling oil prices.
The Nasdaq fell a quarter of a percent as shares of Apple and the iShares Nasdaq Biotechnology ETF (IBB) declined. 1
Oil prices dropped on Monday, weighed by oversupply concerns, with U.S. crude dropping below $50 as trade volumes spiked ahead of the Oct. 20 expiry date for American futures contracts.
The Iranian vice-president's comments on Monday that his country needs to regain its market share added to bearish sentiments, but expectations of an upcoming OPEC production cut limited losses, analysts and traders said.
Brent crude fell 44 cents to $51.51
U.S. West Texas Intermediate was trading at $49.93 per barrel, down 42 cents from the last settlement. 2
Copper: -.1%
Nickel: - 2%
Zinc: + .67%
Aluminium: - 1.1%
Gold and silver markets ended quieter trading sessions slightly higher Monday. Market participants are looking for new fundamental information to drive their markets.
Gold: $1254
HUI: + 1.6%
AUD Gold: $1646
AUD: .7623
On Today:
Have a good day
Sources:
1 CNBC
2 Reuters
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