Busy First Day of Fourth Quarter
The fourth quarter begins today with a torrent of fresh data, plus speeches from Fed chairman Ben Bernanke and Atlanta Fed president Sandra Pianalto.
Ahead of the data, a slowdown in global equity markets has the US futures market looking downwards, while the dollar is looking stronger and the Treasury market is stable.
“Despite yesterday’s mild setback, the Dow just racked up its best quarter in 11 years and best third quarter since 1938 with a 15% advance,” notes Sal Guatieri from BMO Capital Markets. “For an encore, less-bad news and economic stabilization probably won’t cut it any longer,” he added. “The market will need to see solid evidence of a sustained recovery.”
Looking ahead, it’s worth keeping in mind the wise words of Mark Twain.
“October. This is one of the peculiarly dangerous months to speculate in stocks,” he once wrote. “The other are July, January, September, April, November, May, March, June, December, August, and February.”
Key Releases Today:
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