In Today's Update:
1) U.S. Equity markets closed sharply lower after Nvidia (NVDA) lowered its revenue forecast and Caterpillar (CAT) reported weaker-than-expected quarterly earnings and guidance. The Dow Jones Industrial Average dropped 208.98 or 0.84%, the S&P 500 fell 20.91 or 0.78% while the Nasdaq 100 closed lower by 79.18% and the Russell 2000 finished lower by 9.32 or 0.63%.
2) Crude Oil Futures were spooked as well closing lower by $1.52 or 2.83% while Gold Futures posted a gain ahead of the FOMC meeting this week. The Bond market was flat and the yield on the 10-year treasury note settled at 2.747%.
3) This will be the most important week of the earnings season as 13 Dow components and 113 components of the S&P 500 are scheduled to report. We will also get the Fed's decision on rate hikes midweek and the Employment Situation report on Friday. Fasten your seat belts, we expect the volatility to continue.