Markets fell at the opening after yesterday’s presser at Trump tower yielded few economic policy details and gave legs to the “policy risk” trade where people are playing it safe. At the close the Dow gained back most of the early selloff and finished off 63 at 19,891. Trading volume was down which means the big players were not sellers. Tomorrow will see earnings reports from several big banks including Bank of America and JP Morgan. It will be Friday the 13th…..what could go wrong?
The Jobs train continues to roll as Amazon announced plans to hire upwards of 100,000 full time positions over the next 18 months. Amazon is expanding into brick and morter stores where you order online and pick up at a drive through. This reduces the risk of porch pirates taking your items. Amazon is also getting into credit cards as it inked a deal with Visa to offer a prime membership card with 5% cash back. The company is opening up several new warehouse facilities across the country as it expands capacity and distribution network.
Oil prices were up today as it was revealed that both Saudi Arabia and Kuwait have cut production more than expected. While the US rig count continues to move higher and oil exports from the US gain traction, the prospects of US oil producers inflicting financial pain on members of OPEC seems to be a rising probability which would not make the House of Saud happy. The US is currently the largest energy producer in the world when you combine both nat gas and oil. At the close WTI crude was up 1.57% at $53.07 per barrel.