The markets opened up more than 100 points in the first hour of trading as investors seem content to wait out the markets this week ahead of the Federal Reserve's September FOMC meeting, where the central bank will decide whether it will hike interest rates for the first time since 2006.
Relative stability is the phrase that best describes the price discovery across the commodity landscape from this morning. The equity markets were down 25 handles, which in regular market conditions would be a big move to the downside.
Crude oil stabilized on Wednesday after China moved to support the country's economy and stronger than expected U.S. durable goods data was released, but prices stayed near 6-1/2-year lows as a heavy supply glut kept market outlook bearish.
The dollar gained and Wall Street stock futures extended losses as U.S. jobs data came near enough to expectations to bolster bets the Federal Reserve will raise rates for the first time in nearly a decade this year.