Today the market is correcting before the Fed meeting
The U.S. stock market was closed on Friday on its maximum, but without any changes. The S & P 500 closed at a new maximum values since 2007. This increase was caused by the decision of the ECB in the end of the week to buy in unlimited amounts short-term bonds of Spain and Italy, if needed.
Growth leaders were banking stocks.
American BKX bank index closed yesterday at 49.27 (+1.57%). Stocks of JPMorgan Chase & Co., Citigroup Inc. and Bank of America Co. rose from 1.58% to 5.39%.
U.S. stock indexes for the previous trading day to close at: DJI-13,306.64 (+0.11%); S & P 500 - 1,437.92 (+0.40%); NASDAQ Comp. - 3,136.42 (+0.02%).
On the eve of the U.S. trading session, futures on the broad market index S & P 500 is 1,435.30 (-0.20%). U.S. Markets open in a small minus.
Oil futures before opening in New York traded without significant changes compared with the morning values. Market participants expect the results of the two-day meeting of the Fed's monetary policy.
Brent Oil futures (ICE) day at 114.78 (+0.46%), U.S. crude oil WTI (ICE) 96.35 (-0.07%). Gold futures stood at 1,736.70 (-0.22%), quotes copper at 369.20 (+1.29).
Goldmann Sachs Commodity Index XOI last session stood at 1260.06 (+1.71%).
In the foreign exchange market has been a slight consolidation pending the outcome of the Fed meeting. One can assume that if the meeting will be given a clear signal to the launch of new incentives, this could have a lot of pressure on the U.S. dollar.
Futures on the dollar index, which reflects the value of the U.S. currency against a trade-weighted basket of currencies, is 80.29 (+0.07%).
Prediction of the day:
It looks like the market in anticipation of the Fed's meeting will continue to consolidate in a narrow range.
Events today:
Moscow time
23.00 U.S. Consumer Lending July n / a; 9,1 billion dollars, 6.5 billion
Sergei Kostenko
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