Critical information before the U.S. market’s open
by Victor Reklaitis
As we say “See ya!” to the third quarter, everyone is focused on oil, trouble-making banks and the presidential race.
Crude is wobbling as the doubt ramps up about OPEC’s “deal” to cap output, which sent prices soaring yesterday. If you haven’t figured out the details, do you really have a deal?
Worries about the world’s banks aren’t going away, as Germany’s Commerzbank CBK, -3.23% suspends its dividend and cuts 9,600 jobs. Cue the first warning that Wells Fargo’s WFC, -0.66% sales-stuffing scandal is a “harbinger of doom.”
Sure, Pimco is predicting continuous global expansion through next year. But then it frets that politics could “trump economics” and suggests being modestly underweight stocks.
So what’s in store in the upcoming quarter? Well, the end of the year has typically been quite kind to the S&P 500 — but you know what they say about past performance.