Stocks opened the trading session in mixed fashion on lighter trading volume. The Dow was up thanks to tobacco stocks moving up on an FDA ruling about e-cigarette. The NASDAQ was lower because chip stocks were selling off as gurus are now forecasting slower demand for memory chips. All eyes are on Hurricane Florence which is about to whack the Carolina coast with a wet paint brush. Boeing has been flying its just completed 777’s out of the area to Seattle to remove them out of the storms path. Amazon announced it will sell Christmas trees this year. I wonder if the scout dad, who works at Amazon and who ran our tree lot for a couple of years had a hand in that. I will have to ask him.
OPEC has cut its global oil demand growth outlook citing uncertainty in Latin American and Middle Eastern markets. The projections for slower growth in oil demand is because of higher interest rates in several developed nations coupled with slowdowns being seen in third world countries, China and the effects of trade wars. Despite this bearish call on oil however the price of WTI crude continues to trade near highs as any falloff in oil demand could be offset by disruptions in global oil supply. WTI crude today traded at $70 per barrel.
KMS is hosting its annual compliance meeting today through Friday. We will listen to speakers talk about the economy, regulations, technology and if we are lucky we will hear a couple of jokes along the way. I plan on bringing some toothpicks to the event so I can prop my eyelids open. We will be in touch with the office between meetings as we have mobile service as part of the phone system.