SamTrader1
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Equities
Asian markets ended mostly lower, as surging oil prices continue to take their toll on equities. The Nikkei tumbled 1.8% to 10505, and the Kospi sank 1.2%. China’s Shanghai Composite ignored the negative regional tone, jumping 1.8%.
In Europe, the FTSE slipped .3% and the CAC40 dropped .7%. Banks led the declines, after Moody’s downgraded Greece’s debt by three notches.
US markets ended lower after a volatile session, with the Dow swinging nearly 200 points during the day. The Dow ended down 80 points to 12090, while the Nasdaq fell 1.4% after Wells Fargo downgraded the semiconductor sector.
Ciena shares fell 9.8% on weak sales, while Western Digital jumped 15.6% after announcing plans to buy rival Hitachi Global Storage Technologies for $4.3 billion.
Treasuries and Commodities
Bonds ended slightly lower, with the 10-year note down 5/32 to yield 3.51% and 30-year notes down 13/32 to yield 4.62%.
Oil swung wildly, spiking as high as 106.95, before settling at 105.13, up .71. Natural gas surged 3%, while gasoline futures ended down 1.3%.
Gold rose .5% to 1435.30, pulling back from a new record high of 1445.70 set earlier in the session. Silver jumped 2% to 36.05, while copper tanked, dropping 3% to 4.35.
Gold Pulls Back from New Record High
Currencies
Despite the intense volatility in commodities and equities, currency markets were mostly calm. The Euro, Yen, Canadian Dollar and Swiss Franc all settled within .1% of their Friday close, while the Pound ended .4% lower, reversing after spiking to 1.6344 a new 14-month high.
Economic Outlook
Middle East tensions are the primary market focus, and unfolding news events, and even rumors, will continue to dominate price action.
Consumer borrowing grew at 2.5%, led by auto loans which rose 6.9%, while credit card debt fell 6.4%. A move to healthier debt is a good sign for the economy.
Equities
Asian markets ended mostly lower, as surging oil prices continue to take their toll on equities. The Nikkei tumbled 1.8% to 10505, and the Kospi sank 1.2%. China’s Shanghai Composite ignored the negative regional tone, jumping 1.8%.
In Europe, the FTSE slipped .3% and the CAC40 dropped .7%. Banks led the declines, after Moody’s downgraded Greece’s debt by three notches.
US markets ended lower after a volatile session, with the Dow swinging nearly 200 points during the day. The Dow ended down 80 points to 12090, while the Nasdaq fell 1.4% after Wells Fargo downgraded the semiconductor sector.
Ciena shares fell 9.8% on weak sales, while Western Digital jumped 15.6% after announcing plans to buy rival Hitachi Global Storage Technologies for $4.3 billion.
Treasuries and Commodities
Bonds ended slightly lower, with the 10-year note down 5/32 to yield 3.51% and 30-year notes down 13/32 to yield 4.62%.
Oil swung wildly, spiking as high as 106.95, before settling at 105.13, up .71. Natural gas surged 3%, while gasoline futures ended down 1.3%.
Gold rose .5% to 1435.30, pulling back from a new record high of 1445.70 set earlier in the session. Silver jumped 2% to 36.05, while copper tanked, dropping 3% to 4.35.
Gold Pulls Back from New Record High
Currencies
Despite the intense volatility in commodities and equities, currency markets were mostly calm. The Euro, Yen, Canadian Dollar and Swiss Franc all settled within .1% of their Friday close, while the Pound ended .4% lower, reversing after spiking to 1.6344 a new 14-month high.
Economic Outlook
Middle East tensions are the primary market focus, and unfolding news events, and even rumors, will continue to dominate price action.
Consumer borrowing grew at 2.5%, led by auto loans which rose 6.9%, while credit card debt fell 6.4%. A move to healthier debt is a good sign for the economy.