The Morning Hammer: Post-Debate Happiness


The Mexican peso is up 1.7% this morning, which means Mr. Market thinks Hillary Clinton won last night's steel cage match US Presidental debate.

Meanwhile, the pound sterling is still falling in the wake of Friday's flash crash.

Crude oil is rising after Saudi Arabia's energy minister said crude could hit $60 by year-end.  OPEC recently announced a production cut, though market participants would certainly like more detail.

European equities are up for the first time in 4 days on strength in automakers, throuhg banks are still looking weak. Deutsche Bank (DB) failed to announce a deal with the Department of Justice as some traders expected.

China resumed trading after a week-long holiday, and the yuan dropped to a fresh 6-year low.

Goldman Sachs says that US and European markets could stumble a bit into year-end due to political risks, a weak economy in Europe, and high stock prices in the US.

The US dollar is still in bull market mode despite Friday's slightly soft jobs report.

Traders are pricing in a 64% probability of a December rate hike, though keep in mind, the pace thereafter what matters. According to some very smart folks I've spoken with, there's an excellent chance the Fed is one and done.

However, gold is catching a bid today, so I'd watch for a pop in the beaten down gold miners (GDX).

Apple (AAPL) is up fractionally this morning on news reports that Samsung temporarily stopped production of its Galaxy Note 7 smartphone. The device was already recalled, but even replacement models are catching fire, which is a PR disaster.

SPX futures are up about 11 handles this morning, so we're starting the week off on a positive note.

Biotech is catching a bid this morning — it's been lagging to see if the weak trend breaks.