United States September wholesale inventories announced today are a higher 0.3% versus a consensus increase of 0.2%. Comments from Bank of England governor Mark Carney echoed Fed officials’ concerns over European economic stagnation having a negative effect on global growth which would impede domestic growth of several key economic indicators in 2015. Meanwhile, contracts on West Texas Intermediate crude continued their slide breaking far below most traders’ $80 support level to settle around $77 per barrel. Year to date, domestic crude is down 21.4% and Brent crude down 26.7%, the lowest in over five years.
“Coupled with crude’s slide, concerns voiced by both Bank of England Governor Mark Carney and European Central Bank President Mario Draghi are having a negative effect on most investors’ outlook on domestic growth in 2015,” said John Jacobs, Executive Vice President of Nasdaq Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 1.48% since Friday’s close. Year-to-date performance for the index is up 30%.
- PHLX OIL SERVICE SECTOR (OSX) is down 0.55% since Friday’s close. The price of oil is currently $77 per barrel.
- PHLX Gold/Silver Sector (XAU) is down 1.49% since Friday’s close. The price of gold is currently $1,164 per ounce, down $6 since last week.
INDEX TO WATCH
- The NASDAQ Global Buyback Achievers Index (DRBG) is comprised of corporations that have effected a net reduction in shares outstanding of 5% or more in its latest fiscal year. Currently, the index includes 192 securities, both domestic and international. Over the last year, the index has produced return of 10.15% through the end of October.