Equity markets are mixed nearing the mid-point of US Thursday trading. S&P and NASDAQ futures are bearish as indexes take a breather during a sustained post-election up move. That said, the Dow is slightly higher, up 43 points. President-elect Trump speaks today at an Indiana Carrier manufacturing facility that’s retaining previously out-sourced positions. Markets have responded favorably to the pro-business cabinet appointments of Mnuchin and Ross.
December gold futures are lower, trading near $1,174 (-1), with silver up at $16.69 per ounce. The December S&P contract is down near 2190 (-8 pts.) and the Dow is in the green by 41 points at 19,173. December bond futures are selling off at 12423 (-16) and 15028 (-1.25) for Notes/Bonds respectively.
Crude oil continues to surge, at roughly $52.25, trading up an additional $2 following yesterday’s $4 jump. Natural gas futures continue to trend upward, in the green at $3495.
Despite strong advances in crude, agriculturals are weaker after overnight strength. Near-term direction seems to be down with bearish weather and mixed weekly demand numbers. Corn ($3.42), wheat ($3.95) and soybeans ($10.29) are lower headed into Friday’s session.
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Senior Market Strategist
John Kennedy is a Senior Commodity Market Strategist at RJO Futures. He earned a bachelor's degree in Business Economics from Ohio University, Athens. Upon graduation, John pursued a career in program management with a multinational automotive supplier, based out of Detroit, MI and Munich, Germany. International business experience, coupled with sales and client relationship building, proved valuable assets when John transitioned to Chicago and the futures markets. Living in the downtown area, John enjoys live performances, outdoor sports and politics.