Stock futures were mixed earlier this morning, but now turned lower indicating a similar open for U.S. stocks after Citigroup (NYSE: C) reported third-quarter earnings and oil prices topped $85. This week a big batch of earnings is due out as well as several key economic reports, which would give investors plenty to consider.Eighty S&P 500 companies should report financial results this week along with housing and CPI data (among other indicators to be released this week). The weak housing market is still a concern as its effects on the overall economy may grow yet. Inflation as measured by prices at the consumer level (CPI) could always affect the Federal Reserve decisions. Although not the Fed's preferred inflation gauge, it could have an impact when rate decisions are made at the end of the month.
On Friday, markets closed higher after good retail sales data and a low reading on core PPI were released as well as earnings from General Electric (NYSE: GE) that matched expectations. The Dow Jones Industrial Average added 78 points or 0.56%, the S&P 500 rose 0.48% and the heavily weighted technology index, the Nasdaq composite gained 1.21%. Over the whole week, the Dow was up 0.19%, the S&P 500 rose 0.27% and the Nasdaq gained 0.91%.
The only economic report due today is the October Empire State Index at 8:30 a.m. EDT, which is expected to tick down.
Oil prices kept rising today to over $84.50 a barrel after closing at a new record in the previous session due to supply worries ahead of the coming winter. Tension between Turkey and the Kurds in northern Iraq added to concerns. As oil keep rising, energy companies could move higher. While writing this post, oil topped $85 for the first time.
Gold also saw a 28-year high as it added over $6 to over $759 an ounce.
What investors are examining closely this morning are Citigroup earnings. The nation's biggest financial institution, reported the third-quarter results fell 57% because of investments in mortgage-backed securities. Citi shares are up 1.3% in premarket action as the company managed to beat the 44 cents earnings per shares analysts had expected to post 47 cents earnings per share.
Citigroup, JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) and other big banks may announce a joint $100 billion fund to support the market for mortgage-backed securities and other investments.
Oil prices kept rising today to over $84.50 a barrel after closing at a new record in the previous session due to supply worries ahead of the coming winter. Tension between Turkey and the Kurds in northern Iraq added to concerns. As oil keep rising, energy companies could move higher. While writing this post, oil topped $85 for the first time.
Gold also saw a 28-year high as it added over $6 to over $759 an ounce.
What investors are examining closely this morning are Citigroup earnings. The nation's biggest financial institution, reported the third-quarter results fell 57% because of investments in mortgage-backed securities. Citi shares are up 1.3% in premarket action as the company managed to beat the 44 cents earnings per shares analysts had expected to post 47 cents earnings per share.
Citigroup, JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) and other big banks may announce a joint $100 billion fund to support the market for mortgage-backed securities and other investments.
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
Cramer on BloggingStocks: This bullish retail story looks like a good fit 
Reader Comments (Page 1 of 1)
10-15-2007 @ 8:45AM
michael schneider said...
It wasn't that long ago that $500 was looked on as a distant target for gold and people worried about $60 oil.
Turkey's entry into Iraq complicates things there and adds to concerns even though the big oil pipeline in Kurdistan has been out of commission for some time due to insurgents there. There is possibility of further damage though.
On Gold legendary investors Jim Rogers and Marc Faber have turned more bullish and say they are buying gold. See new comments from Jim Rogers in Channeling Jim Rogers at http://www.Barrelomoney.com. Marc Faber says gold stocks are the way to go in the Gold Channel or the Marc Faber Channel at http://www.Barreloworld.com.
10-15-2007 @ 8:59AM
WhoseAskingU said...
Aren't gold and oil depression protection? Gulp!