Traders decipher the most current President-elect Trump news conference, and also monitor the cabinet approval process continuing in Congress. Since Election Day, financial markets have responded favorably to pro-business cabinet appointments and anticipated economic deregulation. That said, all citizens, and especially investors, are eager for some details and anticipated time-frames.
February gold futures are up, trading near $1,189 (+3.4), with silver down at $16.77 per ounce. The March S&P contract is down near 2262 (-1.5 pts.) and the Dow is in the green by 24 points at 19,812. March bond futures are higher at 12501 (+8) and 15308 (+23) for Notes/Bonds respectively.
Crude oil is surprisingly bullish at $53.51, as the market has bounced sharply following two days of selling and very bearish inventory numbers this morning. Natural gas futures continue to trend downward, in the red at $3260. Extreme U.S. continental cold has given way to an extended period of warmer-than-usual forecasts.
U.S. Dollar strength and favorable South American weather have weighed upon agricultural futures. Corn ($3.53), wheat ($4.16) and soybeans ($10.07) are sharply lower headed into tomorrow’s USDA supply/demand plus Crop Production release at 11 am CST. Also included will be grain stock estimates.
Friday’s news will included monthly PPI and Retail Sales revealed at 7:30 am CST.