Written by Gary
Opening Market Commentary For 03 December 2014
Gary is off for the morning and will post again at noon. The market open comes from our syndication partner Investing.com.
As expected, the major averages began the midweek session near their flat lines. The S&P 500 hovers just above its unchanged level while the Dow (-0.1%) holds a slim opening gain. WTI crude oil (NYSEARCA:USO) was off another 2% to $56.49 per barrel in early Sunday evening action and today’s markets are expected move lower.
Meanwhile, as of the Friday close, the ten economic sectors are split with six up and four down in the early going. The energy sector (+0.6%) has shown opening strength after outperforming in the first two sessions of the week. Crude oil, which trades higher by 0.8% at $67.39/bbl has been a supportive factor for the growth-sensitive sector. Elsewhere, industrials (+0.6%) and technology (+0.2%) also outperform while consumer staples (-0.5%) and telecom services (-0.9%) lag. Treasuries continue trading near their flat lines with the benchmark yield at 2.29%.
European equities remained supported after data on Friday showed that the annual rate of euro area inflation slowed to a five year low of 0.3% last month, down from 0.4% in October. The weak data added to pressure on the ECB to step up measures to spur growth and stave off the threat of deflation ahead of its upcoming policy meeting on Thursday. Earlier Wednesday, Markit research group said that Spain’s services purchasing managers’ index ticked down to 52.7 last month from 55.9 in October, confounding expectations for rise to 56.2.
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Written by Gary