Market Open: Markets Set To Open Lower European stocks give up early gains as concerns on global economic growth continue to mount. Investors are once again swapping into government bonds. The volatile trading in Europe follows broad losses across Asian markets. Traders note that yesterdays broad market declines were based on huge volume numbers which will be hard to reverse. U.S. stock index futures point lower in early action. Oil prices down again with more forecasts out indicating weak global demand. The American Petroleum Institute reported a 10.2M barrel increase in the stockpile of U.S. crude oil, while a U.S. Energy Information Administration tally due out later today is expected to show a 2.2M barrel increase. An emergency meeting of OPEC officials has been requested by Venezuela. The U.S. government promised to ramp up its response to Ebola after a second hospital worker in Dallas tested positive. President Obama canceled travel scheduled for today in order to meet with members of his cabinet. The CDC will create medical SWAT teams to help respond to any new Ebola cases and establish quick protocols at hospitals. Volatile trading in transportation and hospitality stocks is expected to continue. Stocks J.D. Power & Associates forecasts U.S. auto dealership sales will reach a record high of 13.83M units next year to edge past the previous high mark in the industry of 13.80M units set in 2004. The estimate doesnt include fleet sales which could place the sales mark over 17M units. The research firm notes pricing has held up in the industry with lower interest rates and longer loan terms providing support for automakers. The Big Three - Ford (F), General Motors (GM), and Fiat Chrysler Automotive (FCAU) - expect to see market share gains over foreign automakers on the back of new model introductions. Boeing disclosed it held early talks with the Brazilian army on the sale of CH-47 Chinook helicopters. Company executives said they consider Brazil a key partner for new Boeing (BA) projects. The development marks a step forward for interactions between the U.S. and Brazil after concerns over National Security Agency spying chilled the relationship. Steven Sitkowski Pro Trader Institute
Posted on: Thu, 16 Oct 2014 14:33:27 +0000
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