Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish, trying to recover from the worst session in weeks yesterday. It was 20-1 decliners to advancers. Volume will lighten a bit today with Yom Kippur. Interest rates continue to climb while concerns grow about Brexit and the global economy. Currencies have been very volatile, led by the British Pound. The Fed minutes come out later today, which will be studied closely to gauge the likelihood of a rate hike before the year ends. Earnings have started with a negative tone, which put some pressure on stocks this week. It will be very interesting to see what the big banks say later this week and into next. Higher rates should help. Political and social criticism for the Wells Fargo practices spilling over to the industry will not. Crude is lower while Gold is higher. The Dollar is stronger too. Leadership continues to rotate throughout 2016. So far in October, it’s been Financials and Energy that are in the green, with every other sector in the red. Earnings will certainly influence the rest of the month. The election will too. Al Gore hit the campaign trail in support of Hillary for the first time in Florida. It was 16 years ago where his bid to become President came to an end in Florida. Expect the rhetoric to heat up. Buckle up.
Have a great day,