October Daily Review - 12/10

 

1. Wall Street was little changed at the open on Monday as investors braced for a busy week of quarterly results from major U.S. banks and several Dow 30 companies.

At 9:30 a.m. EDT, the Dow Jones industrial average (DJI) was up 10.09 points, or 0.06 percent, at 17,094.58, the S&P 500 (SPX) was up 1.09 points, or 0.05 percent, at 2,015.98 and the Nasdaq composite (IXIC) was up 9.91 points, or 0.21 percent, at 4,840.38.

2. There could be sufficient economic data for the Federal Reserve to consider a rate hike at their meeting later in October but there will be a lot more data on hand in time for the December meeting, Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday.

"I think October is a live meeting, clearly there is the potential that the data coming in, in advance of the October meeting will be sufficient … we have a lot more in December," he said following a speech to a university association in Orlando, Florida.

3. The U.S. dollar edged lower against its Canadian counterpart on Monday, hovering close to a two-month trough as the minutes of the Federal Reserve's latest policy meeting continued to dampen demand for the greenback.

Trading volumes were expected to remain thin on Monday, with U.S. markets closed for a national holiday.

4. Gold futures rose to the highest level since August on Monday, as doubts over whether the Federal Reserve will hike interest rates before the end of the year boosted the appeal of the precious metal.

Gold for December delivery on the Comex division of the New York Mercantile Exchange hit an intraday peak of $1,168.60 a troy ounce, the most since August 24, before trading at $1,166.30 during U.S. morning hours, up $10.40, or 0.9%.

5. Crude oil futures reversed earlier gains to trade lower on Monday, following the release of the latest supply estimates from the Organization of the Petroleum Exporting Countries.

On the ICE Futures Exchange in London, Brent oil for December delivery shed 56 cents, or 1.07%, to trade at $52.35 a barrel during U.S. morning hours after rising by as much as 1.32% earlier in the session.

 

 

 

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