MARKETS SPECTATOR: Change in tone

The local market looks to be facing another tough start as investors become a lot more cautious about buying the pullback.

US stocks are once again modestly lower this morning following a night of mixed earnings reports and unsurprising rhetoric from the Federal Reserve Board indicating interest rates will likely remain at exceptionally low levels through at least mid-2015. They added that the central bank will continue to purchase Mortgage Backed Securities at a pace of $US40 billion per month.

With 20 minutes of trading left, the broad-based S&P 500 is down 0.3 per cent while the NASDAQ and Dow Jones Industrial Averages are down 0.2 per cent respectively.

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