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Jan 27 2016

Futures fall on oil retreat, Apple results

Market Recap 1/26/16:

U.S. stocks surged on Tuesday in the latest example of the market seeing huge swings connected to the price of crude oil. Volatility has been extremely high of late, and the recent whipsawing has many investors concerned. If that includes you, we encourage you to listen to our weekly radio program, Money Matters with Gary Goldberg – click here for stations and show times. And if you have accounts that aren’t being managed by Gary Goldberg Financial Services, ask for a no-cost, no-obligation portfolio evaluation to review the levels of risks you are exposed to.

As has been a trend of late, trading on Tuesday was highly correlated to the price of oil, which jumped nearly 4 percent on hopes that major producers would address the supply glut that has contributed to prices falling to multi-year lows this month. Sentiment was also boosted by strong results out of 3M (MMM), Johnson & Johnson (JNJ) and Procter & Gamble (PG). While the fourth-quarter earnings season has produced few blowouts to overshadow global economic concerns, the trio of bullish reports was seen as reassuring about how corporate America is faring in the current climate.

Looking ahead:

U.S. stock index futures edged lower on Wednesday, as crude oil inventories unexpectedly rose in the United States, dashing recent hopes that the oversupply issue weighing on the oil market was stabilizing. Oil prices, which have dictated market action of late, dropped about 4 percent. Investors were also concerned after Apple (AAPL), the largest U.S. company, reported slowing iPhone sales growth late Tuesday, with results hurt by weakness in China. Though Apple reported the largest quarterly profit by a company ever, many metrics did come in below expectations, and shares fell in premarket. Market direction may turn in the afternoon following comments from Federal Reserve policymakers, who are ending a two-day meeting this afternoon. The meeting will mark the first time the FOMC has met since raising interest rates in December, and market participants are anxious to see if the central bank is changing its outlook based on the market turmoil since the last meeting. Don’t miss this week’s Money Matters with Gary Goldberg; for stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.