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We’re seeing a big slide in market futures before the Friday bell today — the S&P 500 is currently down 12.25 points, the Dow is down 106 and Nasdaq down 27.25 points. These are quite atypical figures lately, where futures usually are modestly up or down, and usually based on some pre-market news or expectations once the market opens.
So what is it this time? Oil prices (both WTI and Brent) are down more than 2% in today’s pre-market, but this follows increases over the last 2 days, and currently trade in the near (but sub)-$50 per barrel range that they have over the past several months. We’re not seeing any headlines from OPEC or other major oil-producing regions this morning, so maybe this isn’t the culprit.
Boston Fed President Eric Rosengren this morning is the latest member of the FOMC in favor of a near-term interest rate hike, suggesting the economic recovery in the U.S. may be compromised if rates are not raised soon enough. That said, common wisdom has yet to come around to a rate-hike inevitability prior to this November’s General Election.
Kroger (KR - Free Report) reported quarterly earnings and revenues where sales missed consensus expectations. The supermarket major also revised fiscal year guidance below consensus, although the company did beat estimates on the bottom line for two cents. But it’s doubtful something like this would be enough to tank the markets.
European and Asian markets were down overnight, and reports are there have been some real concerns about the latest successful nuclear test by North Korea. Geopolitical risks are one of the top concerns for stock market investors, so perhaps we’re getting warmer?
Maybe Zacks EVP Steve Reitmeister gets even closer to the bone with his latest Profit from the Pros segment this morning, where he states the mini-tantrums he’s seen from traders lately because they are acting like spoiled children. Expecting their cake and eating it too, especially regarding interest rates in the U.S. and the ECB (which yesterday announced no change to rates in the EU, causing a short-term sell-off), perhaps this big opening bell sell-off is nothing more than more near-term petulant behavior.
Mark Vickery Senior Editor
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Big Slide in Friday Futures. But Why?
Friday, September 9, 2016
We’re seeing a big slide in market futures before the Friday bell today — the S&P 500 is currently down 12.25 points, the Dow is down 106 and Nasdaq down 27.25 points. These are quite atypical figures lately, where futures usually are modestly up or down, and usually based on some pre-market news or expectations once the market opens.
So what is it this time? Oil prices (both WTI and Brent) are down more than 2% in today’s pre-market, but this follows increases over the last 2 days, and currently trade in the near (but sub)-$50 per barrel range that they have over the past several months. We’re not seeing any headlines from OPEC or other major oil-producing regions this morning, so maybe this isn’t the culprit.
Boston Fed President Eric Rosengren this morning is the latest member of the FOMC in favor of a near-term interest rate hike, suggesting the economic recovery in the U.S. may be compromised if rates are not raised soon enough. That said, common wisdom has yet to come around to a rate-hike inevitability prior to this November’s General Election.
Kroger (KR - Free Report) reported quarterly earnings and revenues where sales missed consensus expectations. The supermarket major also revised fiscal year guidance below consensus, although the company did beat estimates on the bottom line for two cents. But it’s doubtful something like this would be enough to tank the markets.
European and Asian markets were down overnight, and reports are there have been some real concerns about the latest successful nuclear test by North Korea. Geopolitical risks are one of the top concerns for stock market investors, so perhaps we’re getting warmer?
Maybe Zacks EVP Steve Reitmeister gets even closer to the bone with his latest Profit from the Pros segment this morning, where he states the mini-tantrums he’s seen from traders lately because they are acting like spoiled children. Expecting their cake and eating it too, especially regarding interest rates in the U.S. and the ECB (which yesterday announced no change to rates in the EU, causing a short-term sell-off), perhaps this big opening bell sell-off is nothing more than more near-term petulant behavior.
Mark Vickery
Senior Editor