Dow rose 65, advancers over decliners 2-1 & NAZ gained 25. The MLP index rebounded 4+ to the 254s (but flattish this year) & the REIT index was off 1+ to the 372. Junk bond funds continued strong & Treasuries were off slightly with the yield on the 10 year Treasury near 2.6%. Oil went up into the 59s & gold was steady at 1303 after trading higher earlier today (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
3M (MMM), a Dividend Aristocrat, said it would restructure its business into 4 operating units from 5, as it looks to sharpen its focus on customers & boost growth. The company’s shares fell after it announced the 4 units - safety & industrial, transportation & electronics, healthcare & consumer. Earlier, the company's industrial, & safety & graphics businesses were separate. The maker of Scotch tape & Post-It notes, which reported total sales of $32.8B for the last fiscal year, said it expects annual revenue from its safety & industrial unit to be $12B & $7B from its transportation & electronics unit. The US manufacturer has been struggling with a slowdown in its Chinese business, & said in Jan it saw sluggish sales in its global automotive & electronics business led by weak customer demand in China. MMM, which makes everything from adhesive tapes to air filters, will start reporting its financial results under this new structure in Q2-2019. The stock rose 41¢.
If you would like to learn more about MMM, click on this link:
club.ino.com/trend/analysis/stock/MMM?a_aid=CD3289&a_bid=6ae5b6f7
3M to restructure business into four units
Crude-oil production from 7 major US shale plays is forecast to climb by 85K barrels a day in Apr to 8.592M barrels a day, according to a report from the Energy Information Administration (EIA). Oil output from the Permian Basin, which covers parts of western Texas & southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 40K barrels a day in Apr from Mar. The April contract for West Texas Intermediate oil futures was trading up 58¢ (1%) at $59.10 a barrel.
The Joint Ministerial Monitoring Committee (JMMC) of oil producers reported a sizable improvement in compliance with production cuts implemented at the start of this year & recommended that OPEC cancel its ministerial meeting scheduled for Apr. In Baku, Azerbaijan, the committee, also referred to as the JMMC, pegged compliance with the production pact at almost 90% in Feb, up from 83% in Jan. OPEC members had agreed to trim 800K barrels a day from Oct's production levels for 6 months thru Jun of this year, with Russia & other allied producers cutting another 400K barrels a day to total 1.2M barrels in cuts. “All participating countries present at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months,” the JMMC said. The committee also adopted a recommendation that OPEC forego its full ministerial meeting in Apr & instead schedule the next JMMC meeting for May, with the OPEC Conference then held on Jun 25. It said “market fundamentals are unlikely to materially change in the next two months.”
Gold settled with a loss, giving up earlier modest gains as traders looked ahead to the outcome of the Federal Reserve's meeting later this week. Traders also kept an eye on geopolitical developments, including the UK's efforts to reach a deal on leaving the EU & the direction of the $. Gold for Apr delivery fell $1.40 to settle at $1301 an ounce after trading as high as $1306. The ICE US Dollar Index, a measure of US currency against a basket of 6 major rivals, was little changed after trading around 0.5% higher month to date. A stronger $ can be a weight on to commodities priced in the unit, making them more expensive to users of other currencies. The Fed's rate-setting committee will conclude a 2-day meeting on Wed with investors focused on a policy statement, remarks by Fed Chairman Jerome Powell & the collection of policy makers' rate forecasts known as the “dot plot.” Investors expect the Fed to maintain the dovish tone its struck in Jan, when it effectively put its rate-hiking plan on pause to take a wait-&-see approach.
Stocks traded not far from beak-even during the entire trading session with modest buying into the close. There was also a bias on the positive side shown in good market breadth. The Dow keeps trading in a sideways pattern, looking for direction.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
3M (MMM), a Dividend Aristocrat, said it would restructure its business into 4 operating units from 5, as it looks to sharpen its focus on customers & boost growth. The company’s shares fell after it announced the 4 units - safety & industrial, transportation & electronics, healthcare & consumer. Earlier, the company's industrial, & safety & graphics businesses were separate. The maker of Scotch tape & Post-It notes, which reported total sales of $32.8B for the last fiscal year, said it expects annual revenue from its safety & industrial unit to be $12B & $7B from its transportation & electronics unit. The US manufacturer has been struggling with a slowdown in its Chinese business, & said in Jan it saw sluggish sales in its global automotive & electronics business led by weak customer demand in China. MMM, which makes everything from adhesive tapes to air filters, will start reporting its financial results under this new structure in Q2-2019. The stock rose 41¢.
If you would like to learn more about MMM, click on this link:
club.ino.com/trend/analysis/stock/MMM?a_aid=CD3289&a_bid=6ae5b6f7
3M to restructure business into four units
Crude-oil production from 7 major US shale plays is forecast to climb by 85K barrels a day in Apr to 8.592M barrels a day, according to a report from the Energy Information Administration (EIA). Oil output from the Permian Basin, which covers parts of western Texas & southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 40K barrels a day in Apr from Mar. The April contract for West Texas Intermediate oil futures was trading up 58¢ (1%) at $59.10 a barrel.
EIA forecasts U.S. shale oil output to climb by 85,000 barrels a day in April
The Joint Ministerial Monitoring Committee (JMMC) of oil producers reported a sizable improvement in compliance with production cuts implemented at the start of this year & recommended that OPEC cancel its ministerial meeting scheduled for Apr. In Baku, Azerbaijan, the committee, also referred to as the JMMC, pegged compliance with the production pact at almost 90% in Feb, up from 83% in Jan. OPEC members had agreed to trim 800K barrels a day from Oct's production levels for 6 months thru Jun of this year, with Russia & other allied producers cutting another 400K barrels a day to total 1.2M barrels in cuts. “All participating countries present at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months,” the JMMC said. The committee also adopted a recommendation that OPEC forego its full ministerial meeting in Apr & instead schedule the next JMMC meeting for May, with the OPEC Conference then held on Jun 25. It said “market fundamentals are unlikely to materially change in the next two months.”
Gold settled with a loss, giving up earlier modest gains as traders looked ahead to the outcome of the Federal Reserve's meeting later this week. Traders also kept an eye on geopolitical developments, including the UK's efforts to reach a deal on leaving the EU & the direction of the $. Gold for Apr delivery fell $1.40 to settle at $1301 an ounce after trading as high as $1306. The ICE US Dollar Index, a measure of US currency against a basket of 6 major rivals, was little changed after trading around 0.5% higher month to date. A stronger $ can be a weight on to commodities priced in the unit, making them more expensive to users of other currencies. The Fed's rate-setting committee will conclude a 2-day meeting on Wed with investors focused on a policy statement, remarks by Fed Chairman Jerome Powell & the collection of policy makers' rate forecasts known as the “dot plot.” Investors expect the Fed to maintain the dovish tone its struck in Jan, when it effectively put its rate-hiking plan on pause to take a wait-&-see approach.
Gold settles with a loss as investors look to the outcome of the Fed’s meeting this week
Stocks traded not far from beak-even during the entire trading session with modest buying into the close. There was also a bias on the positive side shown in good market breadth. The Dow keeps trading in a sideways pattern, looking for direction.
Dow Jones Industrials
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