Stocks and Securities
The S&P 500 ended its four-session losing streak on Tuesday with a gain of 0.6%. Similarly, the Nasdaq and Dow finished the trading session up 0.7% and 0.5%, respectively. The major averages quickly extended modest opening gains, followed with trading sideways for majority of the later half of the trading session.
Some may attributed Tuesday’s market rebound with the rebound in the Turkish lira. For those unaware, the Turkish lira had dropped more than 25% in the past few trading sessions. The Turkish lira finally bounced 8% on Tuesday against the USD.
This morning, Stocks are poised to open higher today with the The S&P 500 up 18 or 0.64%, the Nasdaq up 51 points or +0.65%, the Russell 2000 is up 17 or 1.03% and the Dow Industrial average up 112 points or 0.45%.
Wednesday (Aug 15)
- Morning: LXFT M MSGN PFGC
- Afternoon: BGG CACI CSCO NTAP SPTN
On the oil front, U.S. West Texas Intermediate (WTI) and international benchmark Brent crude oil futures went on a wild ride last week before closing lower. At one point last week, the U.S. futures contract was down about 2.40 percent before clawing back nearly half of that loss.
This morning, October WTI is down $0.84 or 1.25% at $66.20, and October Brent futures down $0.77 or1.06% at $71.63. Bullish investors are holding out hope that the Iranian sanctions have not been fully priced into Brent, leaving room for a significant run-up in prices after November 1 when the full effect of the sanctions begin to take place.
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