The Nasdaq 100 outperformed its peers today being the only index trading with gains, seen up 0.27% following an increase of 3.60% in Apple shares. Fitting with this Technology is the best performing sector in the S&P 500 advancing 0.67%, one of only 2 sectors trading in the green. The Dow has been weighed on by poor performance from Boeing who have seen losses of 3.38% so far following yet another issue with one their 787 Dreamliner’s in western Japan. Markets derived little direction from data that came broadly in line with expectations including CPI and Industrial Production, with participants focus on earnings season. In terms of earnings US banks had mixed reports with Goldman Sachs reporting strongly and JP Morgan beating expectations, but moving lower after it became apparent the report had several one off inclusions.
GBP/USD saw downside pressure in the early part of the session, the move lower being accelerated after going through 1.6038, the pair also went through stops at 1.6000. The pair has now retraced some of this move trading in a range with resistance seen at 1.6009.
WTI and Brent crude futures trade in positive territory with WTI seeing an aggressive upside move after a drawdown against consensus in the headline crude inventories figure, narrowing the spread between WTI and Brent to just over USD 16.
Print 18:30, 16 Jan 2013 - Economic commentary - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: