(Thursday Market Open) The market seems to be catching its breath after sprinting for the first two months of the year. But for how long it will stay winded remains to be seen.
With earnings season mostly in the rearview and the market perhaps having baked a dovish Fed and a trade deal with China into the proverbial cake, there hasn’t seemed to be much to push the market meaningfully higher. And in the absence of bullish news it seems that traders and investors have been booking some profits.
After three days of declines, pre-market action seemed to suggest another lackluster session for U.S. stocks.
Some positive sentiment appeared to creep in after the European Central Bank announced a new bank stimulus program aimed at boosting lending. The euro zone economy has shown signs of weakening, and political concerns such as Brexit have combined with worries over the global trade situation to create an atmosphere of uncertainty. The ECB also stood pat on .
In Brexit news, Reuters reported that European Union sources were skeptical that a transition deal that solves border issues between Ireland and Northern Ireland can be hammered out before a key summit later this month.
The worries about Europe are just part of concerns about slowing growth in the global economy, with trade policy between the United States and China the main focal point for the concerns. But there has been optimism that the world’s two largest economies can get a deal done soon.
In commodity news, U.S. and international oil prices were up more than 1% this morning amid continuing sanctions on Venezuela and Iran and as OPEC has been scaling back on production. If , now around $57, continues to rise, it may run into resistance around $60.
In pre-market moves this morning, grocery