It is strange how we can go from a fairly large drop in the futures markets overnight because of Iranian missile attacks to a market that is acting remarkably calm.
With the killing of the Iranian general last week I thought that we would see some short term market weakness, followed by a nervous flat market. With missiles flying last night from Iran I thought ‘oh no’ this could get much worse than I expected.
Last night I did take a peek at the futures markets and saw they were down a couple hundred down points–all things considered not a big deal-and by market opening today we were flat and interest rates remained flat in the 1.81% area.
So, for now, we are back to semi-normal conditions. Of course this will be hanging over our heads for another week and it will temper moves in stocks and interest rates.
We do have the employment report being released on Friday . The forecast is for a modest 160,000 new jobs being created–certainly if this number is close we won’t see interest rate reactions–but we shall see.