Stock Markets Flat to Higher Ahead of U.S. GDP Report
U.S. equity markets are trading flat to higher ahead of this morning’s U.S. 3rd Quarter GDP Report. Expectations are for the report to show a decrease in the economy from 3.5% to 2.8%. A wider trade gap and faltering consumer spending are cited as the main reasons behind the decline.
Yesterday the equity markets weakened throughout the day after a quick rally to slightly below the high for the year at 1112.25. Better than expected U.S. Existing Home Sales were cited as the main reason behind the decline. Traders dumped higher yielding assets as the Dollar rose following the report.
Treasury futures are trading slightly better this morning as traders square up yesterday’s short-positions ahead of today’s GDP number. T-Bonds and T-Notes are expected to remain stable with a slight bias to the upside as long as the Fed continues to preach that interest rates will remain low for a prolonged period of time. A strong rise in the equity markets is likely to limit gains.
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