Pre-Market News And Views
Japan experienced a massive 8.9 magnitude earthquake on the Richter scale earlier today. The death toll is uncertain at the moment, however, a tsunami is reported to have reached other parts of Japan and Hawaii. Tsunami warning have been issued for the entire west coast of the United States.
The Asian markets all declined by more than 1.00 percent last night. The Nikkei Index(JAPAN) closed lower by 1.72 percent. This news could effect the Asian markets into early next week as it appears a lot of damage was done to the Japanese infrastructure. Most commodity stocks are trading lower this morning. The iShares MSCI Japan Index Fund(NYSE:EWJ) is trading lower by 0.20 cents to $10.80 a share in the pre-market this morning.
Many in the media predicted a 'Day of Rage' for Saudi Arabia today. However, the Saudi Arabian protest turned out to be a day of sleep as there are no reports of protests in Saudi Arabia today. This calm in Saudi Arabia is causing oil to decline lower today by $3.08 to $99.61 a barrel. Oil was very overbought and extended on the charts recently due to the fighting in Libya and the possible uprising in Saudi Arabia. Traders must still be cautious when it comes to oil as the Middle East is still in turmoil and other protests can flare up at anytime. The highly popular Unites States Oil Fund is trading lower by $1.15 cents to $40.28 a share before the opening bell.
The S&P 500 market futures(ES H1) is trading lower by just 3.00 points to 1291.00. Often after a massive sell off as we saw in the markets yesterday the next trading session is a bit more subdued. We shall see if that is the case today.