Silver Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) this morning is up by +0.60%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.56%.
U.S. stocks this morning are moderately higher on carry-over support from a rally in Asian and European stocks after China increased stimulus measures in an attempt to bolster its economy. The PBOC today cut its five-year loan prime rate by -15 bp to 4.55%, a larger cut than expectations of -10 bp. Market volatility may increase later today due to the monthly expiration of options tied to equities and exchange-traded funds.
Weakness in U.S. retailer stocks continues to weigh on the overall market, with Ross Stores plunging by more than -23% today after cutting its full-year EPS forecast. Ross Stores joins Walmart and Target after several key retailers this week cut their annual earnings forecast as rising prices eat into profits.
Today’s stock movers…
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