Risk Aversion Back on Before Durable Goods, Jobless Claims Data
Investors are once again concerned about risk as Greece continues to make headlines. Equity futures are sharply lower and appear likely to erase a good bit of yesterday’s gains. Meantime, the dollar is pushing higher.
“The centre of controversy or uncertainty lies in Europe, and it all began early yesterday evening after Standard & Poor’s issued a report warning that it may cut Greece’s sovereign debt rating in the next month,” said Jennifer Lee from BMO Capital Markets.
S&P wrote: “Greece's large budgetary and external imbalances, combined with a continued weak external economic environment, suggest that deflationary pressures are likely to compound the country's economic travails.”
One hour before the open, Dow futures are off 55 points to 10,300 while S&P 500 futures are down 7.10 points to 1,096.50. Yesterday the Dow climbed 92 points and the S&P jumped 10.64 points.
WTI crude oil is 45 cents lower to $79.55 per barrel and Spot Gold is down $1.86 to $1,095.89.
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