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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are higher ahead  of Wednesday’s open as oil prices surged 7% ahead of the OPEC decision later today. Looking forward, the highlights for the rest of the week are: OPEC’s meeting, the End of Month, and the always fun (and fake) jobs report on Friday.

Gary’s Thoughts: S&P futures up a wee bit. Nasdaq flat. The big story is OIL…after getting hit past 3 days because of non-action by OPEC, we wake up to supposedly, a deal in hand. Thus oil back up what it lost past 3 days…about 7%. Wild action for oils recently.

Economic Calendar:

  • MBA Mortgage Applications 7:00 AM ET
  • Robert Kaplan Speaks 8:00 AM ET
  • ADP Employment Report 8:15 AM ET
  • Personal Income and Outlays 8:30 AM ET
  • Jerome Powell Speaks 9:15 AM ET
  • Chicago PMI 9:45 AM ET
  • Pending Home Sales Index 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • Jerome Powell Speaks 11:45 AM ET
  • Loretta Mester Speaks 12:35 PM ET
  • Beige Book 2:00 PM ET
  • Farm Prices 3:00 PM ET

Highlights:

  • OPEC Finally Meets Today? Oil has been trading between $40-50 for the past few months in anticipation of today’s meeting
    Gary’s Thoughts: As said, right back up. We’ll see if it holds.
  • Get ready for Cyber…Wednesday? The deals keep coming, and shoppers aren’t tired, analysts say
    Gary’s Thoughts: Cyber Thursday, Friday, Saturday…