Afternoon Note
The markets remain in the red today as the debate about rates continues. Non-voting Fed President Williams believes a rate high should come sooner than later, while Robert Kaplan, Fed President in Dallas, believes the Fed has time; albeit, not as much as some may think.
Meanwhile, crude is taking a bit of a breather after it’s almost 25% rise of late, and WTI is relatively flat. The Baker Hughes weekly rig count shows that for the 8th consecutive week, rigs have increased. Ten new rigs have gone online, taking the count to 406, but it’s still down 268 from this time last year. A stronger dollar and profit taking is also adding to the price action today.
This is option expiration day and volume is light. On the NYSE 376.8 million shares have traded with advancers lagging decliners 906 to 1960, and on the NASDAQ, volume of 829.7 million shares with advancers of 1109 to decliners of 1667. Telecom and Utilities remain weak while Healthcare and Technology are higher.
Dow Chart
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