Markets Flat Ahead of Income Data
Upbeat earnings and the +3.5% GDP report helped US stocks jump around 2% yesterday, though the gains weren’t enough to wipe out losses from earlier in the week. The market is still down 2.9% from its annual high on October 19.
This morning Dow Futures are looking down 32.00 points at 9871.00, still a ways off from the 10k mark, and the S&P 500 looks to open 4.00 points lower at 1057.50.
Meanwhile, the Treasury yesterday completed its record $123 billion issuance of government-backed securities. Despite the growing deficit, each auction was “heavily oversubscribed, drawing in a total of $372.4 billion in bids, more than three times the offered amount,” said the Wall Street Journal.
The US$ index is flat this morning following heavy losses yesterday as equities rallied. WTI crude oil is down 0.4% to $79.55, and spot gold is off $2 to $1045.
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