Tech Drags Down NASDAQ

Hello Traders everywhere. A drastic selloff in tech stocks has dragged the NASDAQ by more than 1% on today countering the gains made in the energy sector. North Korea's latest warnings are adding to the downbeat mood on Wall Street and in Washington as well.

MarketClub's Mid-day Market Report

Crude oil is up over 3% on the day and trading above $52 a barrel for the first time is several months. This rise is due in part to news that The Permian Basin of Texas and New Mexico holds 60 billion to 70 billion barrels of yet-to-be pumped crude oil, according to a study by IHS Markit Ltd. That's enough oil to supply every refinery in the U.S. for 12 years and have a market value of about $3.3 trillion at current prices.

Key levels to watch this week: Continue reading "Tech Drags Down NASDAQ"

Stock Market Slips On Threats From North Korea

Hello Traders everywhere. North Korean Minister of Foreign Affairs Ri Yong Ho said Thursday that the country may consider testing a hydrogen bomb in the Pacific Ocean. If Korea does indeed conduct the test, it would be North Korea's first nuclear test beyond its borders. That statement has left traders with an uneasy feeling heading into the weekend.

Apple Inc. (NASDAQ:AAPL) continues to be a drag on the DOW as it looks to close out the 3rd straight week of declines with a -5.5% loss on the week. This is by far their worst weekly performance ahead of a major product launch since the original iPhone was released back in 2007.

MarketClub's Mid-day Market Report

Crude oil can't make up its mind and is trading in a tight range right above the $50 mark for the week. This sidelines action comes after an OPEC gathering concluded with no decision on an extension or deepening of supply cuts.

Key levels to watch next week: Continue reading "Stock Market Slips On Threats From North Korea"

Stocks Hesitate Ahead Of Fed Announcement

Hello Traders everywhere. The Federal Reserve and Fed Chair Janet Yellen are stuck between a stronger global economy and a lull in U.S. inflation; the Fed is expected to announce whether it will raise interest rates for a third time this year or back off until prices rise to a level that they are comfortable with.

The Fed also is likely to announce a scheduled reduction of its approximately $4.2 trillion in holdings of bonds and mortgage-backed securities, most of it accumulated in response to the 2007-2009 financial crisis and recession.

MarketClub's Mid-day Market Report

Crude Oil is on the rise and trading above the $50 level today. The significant move today comes on the hell of news that gasoline stockpiles are at a new 22-month low and exports of crude and fuels surged.

Key levels to watch this week: Continue reading "Stocks Hesitate Ahead Of Fed Announcement"

Stock Market Trades At Record Highs

Hello Traders everywhere. Wall Street has extended its record setting gains into Monday. The gains today come on the heels of a record close last week where we saw the all three indexes close at record highs. The U.S. Dollar halted a two-day drop and Treasuries slipped as investors remain bullish on the American economy ahead of the Federal Reserve's policy meeting this week.

MarketClub's Mid-day Market Report

The markets focus now turns to the Fed meeting this week. While the central bank is widely expected to keep the benchmark rate unchanged, close attention will be paid to the chance of an increase later in the year and on whether officials will announce the start of a reduction in the bank’s $4.5 trillion balance sheet.

If you haven't read it yet, check out INO Contributor George Yacik's latest blog post where he shares his view on the coming Fed meeting.

Key levels to watch next week: Continue reading "Stock Market Trades At Record Highs"