Thursday, July 29

Oil

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Dow falls 500 points as fears grow over spread of COVID-19 Delta variant

JOHANNES EISELE/AFP via Getty Images US stocks fell Monday as investors eye a spike in global COVID-19 cases led by the Delta variant, creating a roadblock to a full recovery of the economy. The Dow Jones Industrial Average fell over 500 points at the open. The yield on the 10-year Treasury note was 1.217%, down 8.2 basis points on the day, reflecting the pickup in investor desire for safe-haven assets.The rising cases, which may result in a new wave of lockdown restrictions, weighed on markets. The Delta variant, according to health experts, is the most transmissible variant yet. "The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth," Morgan Stanley strategists led by Michael Wilson said ...
covid and economy, COVID and stock market, covid economy, covid stimulus, ECB, equity markets, European Central Bank, Markets, MI Exclusive, Oil, Oil price, stock market, Stock Market Today, ukmarketwrap, US futures

Global stocks tumble as delta variant cases soar; oil falls after OPEC+ reaches a deal on supply

JOHANNES EISELE/AFP via Getty Images Global stocks tumbled on Monday with US futures and European markets echoing the weakness that dominated the trading day in Asia and losing ground as delta variant cases continue to soar around the world.US futures were last down on Monday at 4:52 am ET. Dow Jones futures dropped by 0.95%, S&P 500 futures lost 0.69% and Nasdaq futures dipped by 0.36%. Yields on 10-year Treasury notes were last at 1.251%, down 4.3 basis points on the day, reflecting the pickup in investor desire for safe-haven assets. Investors are awaiting a potential vote on the Biden administration's bipartisan infrastructure bill and are looking towards the release of housing market data. The rising cases and resulting tightening of lockdown restrictions weighed on ...
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US stocks trade mixed as Powell reiterates in testimony that inflation will pass

A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City. Johannes Eisele/AFP via Getty Images US stocks rallied on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that inflation will pass.The benchmark S&P 500 index scaled close to all-time highs, while the Dow Jones Industrial Average also inched up. The Nasdaq composite fell slightly. The yield on the US 10-year Treasury slipped 6.1 basis points to 1.353%.The Fed chief said the US economic recovery still has further to go before the central bank considers tapering its asset purchases, according to prepared remarks ahead of his House Financial Services Committee testimony. Powell said the US job market "is still a ways off" from the prog...
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US stocks rise as Fed Chair Powell says the US economic recovery still has further to run before tapering

Deutsche Bank said retail investors have been key players in the stock market rally Johannes Eisele/Getty Images US stocks rose Wednesday on comments from Fed chief Jerome Powell that the US recovery still has further to go before the central bank changes course. Bank earnings continued, with Bank of America and Citigroup reporting second-quarter results. Bitcoin and oil slipped, while gold prices rose. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. US stocks moved higher on Tuesday after Federal Reserve Chairman Jerome Powell said the US economic recovery still has further to go before the central bank considers tapering its asset purchases.Powell said the US job market "is still a ways off" from the progress the Fed hopes to achieve, suggesting it w...
Markets, MI Exclusive, Oil, Oil price, OPEC, Permian Basin, Shale

Big American shale producers are reportedly selling oil at a loss despite soaring crude prices

A pump jack operates in the Permian Basin oil and natural gas production area near Odessa, Texas, in February 2019. Nick Oxford/Reuters Nearly a third of US oil output is being sold at $55 a barrel, according to the Financial Times. Hedging contracts taken out during the depths of the pandemic locked in low oil prices for producers. A brisk recovery and OPEC oil-supply cuts have pushed up crude prices, sinking US producers' hedges. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Oil prices above $70 have not lifted the fortunes of some US shale producers who have been stuck selling at pandemic-era oil prices, according to a report in the Financial Times.Nearly a third of US oil output is being sold at $55 a barrel, while some especially unlucky producers...
Brent Crude, Markets, MI Exclusive, Oil, Oil Output, Oil price, Oil Production, Oil Production Cut, Oil Supply, OPEC, OPEC Deal, opec production, WTI Crude

Oil holds above $75 as investors weigh OPEC+ deadlock with fresh talks ahead

LoadingSomething is loading. Oil futures held above $75 a barrel on Monday morning, as markets wait to see whether OPEC+ talks today can resolve the deadlock on an output deal driven by a clash between the United Arab Emirates and Saudi Arabia.The OPEC+ group of major oil-producing countries failed last week to come to agreement on output quotas for 2021 and...
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Global shares rally slows down as investors await US private-sector jobs data; gold tumbles while oil regains strength

JOHANNES EISELE/AFP via Getty Images Global shares stalled on Wednesday, hovering near record-highs, as caution set in ahead of a key read of US private-sector employment and as a surge in cases of Covid-19 in Asia in particular dented some investor confidence.US stock futures eased, after the benchmark indices hit all-time highs the previous day. Dow Jones futures declined by 0.28%, S&P 500 futures were down 0.15% and Nasdaq futures dipped 0.4% at 4:24 am ET. Economists widely expect the private-sector ADP jobs report to show 600,000 workers were added to payrolls in June, versus May's 978,000.US private-sector jobs data is often used as an indication for how weak or strong the broader US non-farms payroll data-due to be released on Friday-will be. Jobs data has been a key measu...
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S&P 500, Nasdaq close at record highs as mega-cap tech spurs gains

The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City Reuters US stocks traded near record highs Monday spurred by tech shares The yield on the US 10-year Treasury note was trading at 1.482%. Bitcoin rose while oil and gold slipped. US stocks closed mostly higher on Monday, with the S&P 500 and Nasdaq both hitting record highs on the back of gains in mega-cap technology stocks. Tech companies such as Apple, Amazon, Facebook, and Zoom outperformed. A judge on Monday dismissed antitrust lawsuits by the Federal Trade Commission that were seeking to brand the social media giant as an unlawful monopoly.Later this week, investors will turn their attention to US non-farm payroll data on Friday. This will give an indication of how consistently the ec...