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22Sep2016 Pre-Market Commentary: Wall Street Hails Unchanged Interest Rate, Risk Off, But Crude Prices And Gold Rise, US Dollar Sinks, Indicators See Market Rebalancing Ahead

Written by Gary

U.S. stock index futures are set to open higher this morning (SPY +0.5%), with the Nasdaq on track to hit a historic high. The U.S. dollar sank to a one-week low yesterday after the Fed report, crude prices rose to a more than one-week high and Gold rose to a two-week high after the Fed's kept interest rates unchanged and projected fewer interest rates hikes in coming years.


Here is the current market situation from CNN Money

European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.22% while Germany's DAX is up 2.10% and London's FTSE 100 is up 1.41%.

The first column (Actual) is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. jobless claims drop to two-month low as labor market firms

WASHINGTON, (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week to a two-month low, pointing to labor market strength that could pave the way for the Federal Reserve to raise interest rates by December.

Soothing Fed lifts world stocks, Wall Street eyes record highs

LONDON (Reuters) - Wall Street had record highs back in its sights on Thursday as world shares and bonds rallied after the Federal Reserve signaled an increasingly cautious approach to future U.S. rate increases.

Fed keeps rates steady, signals one hike by end of year

WASHINGTON (Reuters) - The U.S. Federal Reserve left interest rates unchanged on Wednesday but strongly signaled it could still tighten monetary policy by the end of this year as the labor market improved further.

U.S. lawmakers blast Mylan CEO over 'sickening' EpiPen price hikes

WASHINGTON (Reuters) - U.S. lawmakers on Wednesday blasted Mylan NV Chief Executive Heather Bresch for sharply increasing prices for the EpiPen emergency allergy treatment at a congressional hearing in which Republicans and Democrats questioned the reasons behind rising U.S. drug costs.

KDB to extend $45 million credit line to help unload Hanjin cargo

SEOUL (Reuters) - Korea Development Bank (KDB), the lead creditor of Hanjin Shipping Co Ltd said on Thursday it will offer a 50 billion won ($45 million) credit line to help Hanjin unload stranded cargo.

Yahoo set to confirm massive data breach: Recode

(Reuters) - Yahoo Inc will confirm this week a massive data breach of its service, technology news website Recode reported on Thursday, citing several sources close to the situation.

South Korea orders battery safety measures for Samsung Note 7

SEOUL (Reuters) - South Korea said on Thursday it ordered Samsung Electronics Co Ltd to take additional measures to ensure that batteries used in Galaxy Note 7 handsets are safe, as the firm prepares to resume sales of the smartphone in South Korea.

U.S. House panel to hold hearing on Wells Fargo accounts scandal

WASHINGTON (Reuters) - The House of Representatives Financial Services committee plans to hold a hearing into Wells Fargo & Co next week after a scandal at the bank involving 2 million fake accounts that thousands of employees set up in customers' names.

UnitedHealth trims drug coverage, including Sanofi insulin

(Reuters) - UnitedHealth Group , the largest U.S. health insurer, will stop covering several brand-name drugs as of next year, reinforcing a trend of payers steering prescriptions to lower-priced options.

Investors Stuck Between Two Central Banks

The Federal Reserve will tighten as the Bank of Japan loosens, potentially disrupting markets.

Japan's New Special Relationship With the Federal Reserve

What matters for the yen, the dollar and interest rates in both the U.S. and Japan, is what the Fed does next.

Big Pharma's Big Checkbooks Drive Biotech Resurgence

Big Pharma's thirst for growth is a biotech investor's dream.

17 September 2016 Initial Unemployment Claims: Rolling Averages Again Improves

Weekly Initial Unemployment Claims

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 258,000 to 265,000 (consensus 261,000), and the Department of Labor reported 252,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 260,750 (reported last week as 260,750) to 258,500. The rolling averages generally have been equal to or under 300,000 since August 2014.

Deep Dive: These are the nine most beloved stocks on Wall Street today

Their 12-month price targets range from 11% upside potential to 35%, says Phil van Doorn.

Economic Report: Jobless claims fall to lowest level since July

Jobless claims in the latest week fell 8,00 to 252,000, the lowest level since July

Europe Markets: European stocks climb as Fed inspires risk taking

European stock markets trade firmly higher Thursday after the U.S. Federal Reserve refrained from raising interest rates and said it needs more evidence of a stronger economy before it tightens policy.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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