|Day's Range||27,094.50 - 27,172.90|
|52 Week Range||21,712.53 - 27,398.68|
President Trump is putting the spotlight on Jerome Powell and the Federal Reserve in a series of tweets this morning. He said that "the United States, because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries." His comments come just ahead of the Fed's September meeting on Wednesday, where we can likely expect another rate cut. One other thing to watch: the Fed's updated dot plot.
Wall Street slipped on Monday on global growth worries after the weekend attack on Saudi Arabian crude facilities knocked out 5% of the world's supply, while a more than 10% jump in oil prices lifted beaten-down energy stocks. The attack on the world's biggest oil exporter sent oil prices up as much as 20% before they eased off their peaks as U.S. President Donald Trump authorized the use of the country's emergency oil stockpile to ensure stable supplies.
An intensifying Middle East conflict is threatening to throw the world’s energy market into disarray after a weekend drone attack destroyed parts of Saudi Aramco’s Abqaiq plant — one of the world’s largest processors of oil.
U.S. stock-indexes on Monday are set to pull back from record range and the Dow was set to halt a win streak at eight consecutive days as a weekend attack against Saudi Arabia’s oil-production facilities unsettled global markets and sent crude prices rocketing higher.
DOW UPDATE Dragged down by declines for shares of American Express and Procter & Gamble, the Dow Jones Industrial Average is down Monday morning. Shares of American Express (AXP) and Procter & Gamble (PG) have contributed to the index's intraday decline, as the Dow (DJIA) was most recently trading 119 points, or 0.
Stocks opened lower Monday, after oil prices jumped sharply in the wake of a weekend attack on Saudi Arabia's largest oil facilities knocked out more than half of the kingdom's production. The Dow Jones Industrial Average fell 97.22 points, or 0.4%, to 27,122.30, while the S&P 500 was off 12.68 points, or 0.4%, at 2,994.71. The Nasdaq Composite lost 53.45 points, or 0.7%, to trade at 8,123.27. Oil futures soared, with Brent crude up more than 10% and West Texas Intermediate crude rising 9.7%.
Shares of J.P. Morgan Chase & Co. fell 1.4% in premarket trading Monday, after the banking giant was downgraded by Buckingham Research analyst James Mitchell, who cited concerns over valuation. Mitchell said J.P. Morgan has produced "best-in-class" revenue growth and returns in recent years, and considering significant investment spend and management's record of successful execution, he sees no reason why these trends won't continue. However, he cut his rating to neutral from buy, saying that after "materially outpacing the peer group in recent years," the stock now trades at nearly a 30% premium, which leads him to believe "much of the fundamental outperformance is being priced in." The stock has gained 5.9% over the past 12 months through Friday, while the SPDR Financial Select Sector ETF has edged up 0.9% and the Dow Jones Industrial Average has tacked on 4.1%.
Stock-index futures were poised for losses as investors weighed up how Saturday’s attack on Saudi Arabian oil infrastructure will affect the economy.
Shares of airline companies took hard hits on Monday, as a spike in oil prices sparked concerns about rising fuel costs. The stocks of all six air carrier components of the Dow Jones Transportation Average declined in premarket trading: American Airlines Group Inc. slid 4.7%, Delta Air Lines Inc. dropped 3.5%, United Airlines Holdings Inc. shed 3.6%, JetBlue Airways Corp. gave up 3.1%, Southwest Airlines Co. declined 3.1% and Alaska Air Group Inc. lost 2.3%. Crude oil futures shot up 10% after the weekend attack on Saudi Aramco's Abqaiq oil processing plant. The NYSE Arca Airline Index has lost 1.7% over the past three months, while the Dow transports has gained 4.9% and the Dow Jones Industrial Average has tacked on 4.3%.
The numbers: The Empire State business conditions index fell 2.8 points to 2 in September, the New York Fed said Monday. Economists had expected little change and a reading of 4.9, according to a survey by Econoday. The employment index was one bright spot, rebounding out of negative territory. 🇺🇸 Empire future general activity slumped from 25.7 to 13.7 and is one of nine indicators in my purely survey-based GDP model.
The Dow was in spitting distance of a record high. Then Saudi Arabia was attacked. And now the market has another excuse not to set a record.
Stock futures fell and crude oil prices leapt as a drone attack halved Saudi output. UAW began a GM strike. Apple iPhone preorders "look good" with Apple stock near a buy.
Treasury yields fall Monday, reversing a chunk of last week’s surge, after an attack on Saudi Arabian oil production facilities sends oil prices higher.
The boss of L’Oréal, the world’s largest beauty company, admitted in an interview with MarketWatch that pollution is good for business. He also insisted that a trend among millennials to digitally enhance their looks on social media does not make beauty products redundant but actually boosts business.
Ned Davis Research’s Ed Clissold and Thanh Nguyen write that based on historical data, a second rate cut generally sends stocks up in the following year—unless it’s too late to hold off a recession.
What’s left for the Federal Reserve to do at its rate-setting gathering next week now the U.S.’s main stock indexes are on the cusp of records again ?
The Russell 2000 had a strong week last week, but whether smaller names can outperform their large-cap brethren going forward remains to be seen.
Stocks are falling, endangering the Dow's eight-day winning streak, after oil prices surge the most in more than two decades following an attack on two key Saudi Arabian oil facilities.
U.S. stock futures tumble as oil prices surge the most in more than two decades following an attack on two key Saudi Arabian oil facilities; Donald Trump says he will authorize the release of oil from the Strategic Petroleum Reserve if needed to keep the market supplied; General Motors slumps after the Auto Workers union goes on strike.
Global stocks traded notably lower Monday, while oil prices surged the most in more than two decades, as an attack on two key Saudi Arabian oil facilities, as well as the weakest industrial output data from China in many years, hammered equity market sentiment.
A major Saudi Arabian oil field was attacked on Saturday, and it’s safe to say that no one saw this coming. Oil price rose more than 10%, while Dow futures fell almost 100 points.