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Stocks, oil move higher as U.S. dollar softens

Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript


BRAD SMITH: Let's get on over to Yahoo Finance's Ines Ferré over at the YFi Interactive. Ines.

INES FERRÉ: Brad, as you said, the markets right now are in the green. And we are watching the NASDAQ the S&P up about 1%. We're also taking a look at the US dollar index, down about 6/10 of percent. So this is really helping also to support equities right now and also sending commodities higher as well.

Looking at the sector action, we're watching energy, which is the outperformer, followed by consumer discretionary. Just pulling up a year-to-date so you can look at the energy stocks, which really have been the outperformers throughout the year.

And then also taking a look at energy, crude oil. We are watching a bump with WTI up more than 2%. We're also taking a look at Brent Crude that's up more than 2%.

Over the weekend, there were some headlines about some countries that had some doubts about an Iranian deal coming through so that would-- an Iranian deal would put more oil on the market. So right now, we are seeing futures that are higher.

But you know, just taking a look at a year-to-date chart, we're also looking at WTI which is 30% off its levels from back in June when WTI was around $122 a barrel. So we have seen quite a decline recently. A lot of volatility with these oil prices.

Low liquidity also accentuating these swings when it comes to crude. And also we are also watching natural gas, which natural gas is about double what it was last year. So a rise in natural gas as well today, guys.

JULIE HYMAN: Yes, definitely. So we got our falling gasoline prices, but rising natural gas prices going into the midterms, unfortunately.

INES FERRÉ: Yes, that's right. And with natural gas, also I do want to point out that I spoke to an analyst last week that was saying, you can expect to see diesel that will be in demand, heating oil going into the winter because we are sending more of that to Europe--

JULIE HYMAN: Oh, interesting.

INES FERRÉ: --for their natural gas crisis that they're having there.

JULIE HYMAN: Yeah, great point. Thanks so much, Ines. Appreciate it.