Equities Off Before Manufacturing Data
Six days of equity gains came to a halt yesterday but the losses were trivial as the Dow slipped 0.02% and the S&P 500 fell 0.14%. This morning, however, equity markets are seeing real losses as traders lock in profits and prepare for the New Year.
One hour before the bell, the Dow looks to open 46 points lower at 10,4and futures on the S&P are 5 points off to 1,116.
Commodities are also weaker with WTI Crude oil falling 17 cents to $78.70 per barrel and Gold trading $6.01 lower to $1,090.82.
Reporters from Business Week point out that oil prices are 77% higher now compared to the start of the year, marking the fastest annual climb in ten years. In addition, oil prices have tripled over the past decade.
Data coming out today is unlikely to have a major impact. Only one release is scheduled to hit markets and it is a regional business index for the midwest. In addition, the Treasury is holding an auction in the early afternoon.
Key Releases Today:
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