U.S. stock indexes opened higher during the first trading day of 2018 while crude oil prices remain flat but have risen in recent days following unrest in Iran and are at the highest level since July 2015.
NYMEX (February 2018 futures) is currently trading at $60.42 a barrel.
President Trump is back in Washington and faces a busy legislative agenda related to a government spending bill and infrastructure spending.
He will meet with Congressional leaders on Wednesday.
On January 1st President Trump commented about the recent political unrest in Iran and tweeted “the great Iranian people have been repressed for many years and are hungry for food and freedom. Along with human rights, the wealth of Iran is being looted. TIME FOR CHANGE!”
Iran is failing at every level despite the terrible deal made with them by the Obama Administration. The great Iranian people have been repressed for many years. They are hungry for food & for freedom. Along with human rights, the wealth of Iran is being looted. TIME FOR CHANGE!
— Donald J. Trump (@realDonaldTrump) January 1, 2018
Earlier today, President Trump tweeted that the people of Iran are finally acting against the brutal and corrupt Iranian regime and suggested that the unfrozen sanctioned money that went to Iran following the 2015 Iranian nuclear accord during the Obama administration went into terrorism and into their pockets.
President Trump also tweeted that “the people have little food, big inflation and no human rights. The U.S. is watching!”
The people of Iran are finally acting against the brutal and corrupt Iranian regime. All of the money that President Obama so foolishly gave them went into terrorism and into their “pockets.” The people have little food, big inflation and no human rights. The U.S. is watching!
— Donald J. Trump (@realDonaldTrump) January 2, 2018
Iran’s inflation and unemployment level remains over 10 percent while youth unemployment remains near 25 percent.
Iranian state television reported at least 9 deaths have resulted in political protests across Iran, although the Associated Press reports that the death toll in Iran is at least 20.
Hundreds more Iranians have been arrested during the past 6 days.
Iranian Supreme leader Ayatollah Khamenei wrote on his website today, “the enemies of Iran united by using different tools in their disposition including money, weapons, politics and intelligence, in order to create problems for the Islamic system.”
U.S. Economic Calendar
PMI Manufacturing Index for December is due later this morning.
On Wednesday, Fed minutes from their December monetary policy meeting is released. Construction spending is also reported on Wednesday.
On Thursday private payroll employment growth from ADP is reported for December.
On Friday the U.S. non-farm payroll report from the Labor Department is released for December.
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