Tuesday, January 9, 2018
After taking somewhat of a breather in the first trading day of the week — only 2 of the 3 major indexes wound up in the green at the close (at record levels yet again), with the Dow finishing slightly lower — we see pre-market trading springing back to life this morning. Continued health in the domestic economy joins new positive data from the Eurozone overnight.
European indexes finished higher for now the fifth straight session. Economic data from Germany, the Eurozone’s largest economy, were strong: Industrials for November came in +3.4%, nearly double expectations, and the country’s trade balance is a better-than-expected +$26.7 billion. Also, European telecom major Altice NV has announced a spinoff to the U.S. market with a new cable television company, Altice USA. This has helped push the French market higher, as Altice is the second-largest telecom provider in the country, behind Orange.
Another big-box retailer has also reported stronger-than-expected sales in the Q4 holiday season. Target (TGT - Free Report) saw big improvements year over year, following similar announcements from other retailers since the beginning of the new year, and the company expects the newly passed tax law to improve margins at the company. Pre-market investors have rewarded the stock this morning, now up roughly 4%.
Finally, we see some new positive news out of the long-dormant 10-year Treasury bill, which has now poked its head above 2.5% for the first time since last March. We also see some minor strides in the value of the U.S. dollar this morning, with its index up again today to 92.53.
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