Morning Commentary
It was another rough outing for the market; once again, stocks found a way to climb off the lowest levels of the session. Nonetheless, the market is clearly signaling distress.
Despite the current struggles for traction, there is something going on with transportation names as the Dow Jones Transportation Index (DJT) has climbed more than 7% this year. On Thursday, the stock of the session was CSX Corporation (CSX), which beat earnings consensus even as volumes and revenue per unit were lower. I think that rails are poised to make a big move higher.
CSX is featured in my White House Special Report.
CSX
The question is why so much angst now?
Yesterday, concerns were over the slowing pace of growth in global trade. There is also the perpetual game of wondering when the Fed will hike rates next. Although a string of economic data suggests that worries should be focused on deflation rather than staving off non-existing inflation. Of course, one component of inflation is energy, and crude could be moving even higher.
After the petroleum inventory data was released yesterday, the price for West Texas Intermediate (WTI) began to tumble, taking its cue from a nearly five million barrel build for crude.
Inventories |
Actual |
Estimate |
Crude |
+4.9 million |
+650,000 |
Gasoline |
-1.9 million |
-1.49 million |
Distillates |
-3.7 million |
-1.59 million |
However, major drawdowns of gasoline and distillates put a bid on oil, which managed to rebound.
Once again, the Dow Jones Industrial Average must hold 18,000 and 2,100 for the S&P 500.
Today’s Session
Better-than-expected bank earnings results are helping to power the market to a higher open this morning.
Retail sales rebounded, and we’ll have more details on the note, while the Producer Price Index didn’t spooked the street.
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