Equity markets are surging higher

September 15, 2016 9:20AM CDT

After four preceding volatile sessions, equities are up 1.5%, as Fed speakers go quiet ahead of next week’s (Sept. 20/21) FOMC meeting. Analyst consensus is 25% or lower for a rate hike next Wednesday, while a decision at the December meeting is 70% likely.

December gold futures are lower, trading near $1,321 (-5), with silver pushing up at $19.13 per ounce. The December S&P contract is higher near 2144 (+31 pts.) and the Dow is in green by 242 points at 18,161. December bond futures are mixed at 13018 (+4) and 16511 (-17) for Notes/Bonds respectively.

Crude oil is stronger at roughly $44.66 in the November contract as traders attempt to decipher recent Iranian output projections and overall OPEC policy going into next year. Natural gas is also bullish, in the green at $3005.

Grains are mixed with the US dollar slightly weaker. Corn ($3.29) and wheat ($3.98) are down, while soybeans ($9.50) move up, despite remaining a sell. Weather, in terms of temperature and precipitation, remains almost ideal as the summer closes and harvest looms.

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