The most important thing for today is the OPEC+ meeting, at which the group is expected to announce a rather large production cut to go with their grim outlook on the economy, and thus oil demand.
Dow, S&P, and Nasdaq are all down 1% in premarket trading, though many voices on FinTwit are shouting that stocks will close the day higher as the jobs data yesterday show the economy lost over 1M job openings in August, which makes people believe the FED will pivot rather soon.
Gold and silver are correcting, though silver is still staying above $20 and gold above $1,700.
What happened on Wednesday premarket morning?
- U.S. MBA Mortgage Applications WoW fell by 14.2%, marking their sharpest decline since April 2020.
- Fixed 30-year mortgage lending rates for 80% loan-to-value mortgage rose to 6.75%, their highest point in almost 20 years.
- EU Services PMI fell short of expectations and is suggesting an EU recession is happening.
What else is about to happen this Wednesday?
- U.S. Trade Data; imports, exports, trade balance. All of which are expected to have taken a massive hit.
- U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) is expected to fall a little but stay largely positive (above 50).
