Stocks Pull Back But Stay Close To Record Highs

U.S. has just released Building Permits and Housing Starts reports for October. The reports indicated that Building Permits increased by 4% month-over-month in October compared to analyst consensus which called for growth of 4.5%. Housing Starts declined by 0.7% while analysts expected that they would grow by 2.3%.

S&P 500 futures are losing some ground in premarket trading, and it looks that traders want to take some profits off the table near all-time high levels. However, the general trend remains bullish, and stocks have a good chance to get to new highs in the upcoming trading sessions.

WTI Oil Continues Its Attempts To Settle Below The $80 Level
WTI oil is currently testing the support level at $80 as traders remain worried about the spread of coronavirus in Europe.

The recent API Crude Oil Stock Change report indicated that crude inventories increased by 0.66 million compared to analyst consensus which called for growth of 1.55 million. The report failed to provide support to oil markets as traders were worried about potential virus containment measures in European countries and elsewhere.

Today, traders will have a chance to take a look at EIA Weekly Petroleum Status Report. Analysts expect that EIA report will indicate that crude inventories increased by 1.4 million barrels, while gasoline inventories declined by 0.58 million barrels.

Precious Metals Move Higher On Inflation Worries
Silver has recently managed to get back above the $25 level as the U.S. Dollar Index pulled back from yearly highs. Gold also got a boost from weaker dollar and rebounded towards the $1865 level.

In addition, today’s UK Inflation Rate report indicated that Inflation Rate increased by 4.2% year-over-year in October compared to analyst consensus of 3.9%. The report showed that high inflation remained a global problem, which is bullish for precious metals that have recently gained material upside momentum due to worries about inflation.

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