Gold futures turn modestly lower as a stronger dollar reduces the investment appeal of the metal, which nonetheless stays on track to end with a third straight week of gains.
U.S stocks futures are pointed to a weaker start after Dell’s worse-than-estimated loss. S&P 500 futures slipped 5.90 points to 1,088.40 and Nasdaq 100 futures fell 7.25 points to 1,763.00. Futures on the Dow Jones Industrial Average dropped 47 points to 10,280.00.
Yesterday, Dell Inc. (NASDAQ: DELL) reported net income of $337 million or $0.17 a share versus $727 million or $0.37 a share, a year ago quarter. While its net revenue for the quarter fell 15% to $12.90 billion from $15.16 billion in the prior-year quarter. Both these numbers were well below the analysts estimates of $0.28 a share on net revenue of $13.18 billion.
In pre-market trading, shares of DELL are down 6.36%.
Also, The Gap Inc. (NYSE: GPS) third quarter sales rose 0.8% to $3.59 billion and net income rose 25% to $307 million or 44 cents a share.
Intuit Inc. (NASDAQ: INTU) first quarter revenues rose 2.5% to $493 million and net loss was $68 million or 21 cents a share.
After yesterday’s drop of over 2% a barrel, oil futures fell a further 51 cents to below $77 a barrel in electronic trading.
United States Oil Fund LP (ETF) (NYSE: USO) fell 1.21% to $39.18 in the pre market session.
Also Gold futures dropped $4.10 to $1,137.80. Given this, SPDR Gold Trust (ETF) (NYSE: GLD) could see some selling pressure.
We wrapped up another week of big winners. Every closed trade was in the GR$$N! We do have 2 trades that expired, which will be reported in the Monthly Wrap-Up for November. Record gold was once again the big news, and we captured the trade with options on GLD. Here are the closed trades this week [...]
Risk appetite stayed weak in the Asian session, after Wall Street closed lower but, overall, most of the trading in currencies and commodities was well in their ranges. The EURUSD traded between 1.4880 and 1.4940, while spot Gold traded between $1140 and $1147. With no first tier economic releases scheduled today, we don’t expect any one way trade of break out of the monthly ranges. But ranges…
Five years ago this week, an obscure little ETF called StreetTracks Gold Shares was born. As the first American ETF enabling stock traders to gain direct price exposure to a physical commodity, (NYSE: GLD) was truly revolutionary. Now known as SPDR Gold Shares, this ETF has proven to be a smashing success.
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Fearless Town Hall with Max Lucado | Part 1 of 2
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