Tag Archives: oil

Stocks Fall As Oil Prices Rise

WEDNESDAY – U.S. stocks dipped in early morning trading on Wednesday as oil prices gained, renewing inflation fears.

Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Oil prices ticked higher on the day, with U.S. crude gaining about 3% to more than $112 per barrel. Brent crude, the international benchmark, advanced about 3% to roughly $119.

The benchmark 10-year U.S. Treasury yield topped 2.41% at its session high Wednesday, the highest since May 2019.

Wall Street is coming off a strong session Tuesday in which the Dow jumped more than 250 points and the S&P 500 climbed 1.1%.

Federal Reserve Chair Powell on Monday promised aggressive action on inflation. The comments came after the Fed last week raised interest rates for the first time since 2018 and forecast a plan to hike rates by a quarter-point at each of the remaining six meetings of 2022.

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Stocks Drop Again To Start Week

U.S. equities fell Monday morning, but traded off their lows, as U.S. oil prices pulled back from their highest level since 2008 amid the ongoing war between Russia and Ukraine.

West Texas Intermediate crude futures, the U.S. oil benchmark, traded 6.3% higher to $122.96 per barrel, earlier hitting $130 per barrel at one point before pulling back partially. The international benchmark, Brent crude, traded 6.24% higher to $125.51 per barrel after earlier spiking to $139.13 per barrel — its highest since July 2008.

Gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA.

Despite the move away from risk, government bond yields rose, indicating less demand for safe-haven assets. The benchmark 10-year Treasury note was most recently at 1.76%, up nearly 4 basis points on the session as inflation worries pushed yields up.

Positive data from the U.S. Labor Department wasn’t enough for investors to shrug off concerns about the war between Russia and Ukraine. On Friday the Bureau of Labor Statistics reported the economy added 678,000 jobs in February. The monthly jobs gain topped economists’ expectations of 440,000 as gauged by Dow Jones. The unemployment rate slipped to 3.8%.

Last, the Dow and S&P 500 slid about 1.3%. The Dow notched its fourth losing week and the S&P 500 closed in correction territory on Friday, down more than 10% from its record close. The Nasdaq Composite lost roughly 2.8% and is also in a technical correction.

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Japan, South Korea, China Markets Higher As U.S. Markets Closed For Good Friday

FRIDAY – Markets in Japan, South Korea and China traded higher on Friday while other Asia Pacific markets, including Australia, Hong Kong, Singapore and Indonesia, were closed for a public holiday.

The Nikkei 225 in Japan rose 0.5% to 22,200.56 as a number of tech stocks posted gains, with Nintendo shares jumping 14.12%.

On Thursday, Chinese tech giant Tencent won an important approval to start selling the Nintendo Switch game console in China, one of the largest video games market in the world, Reuters reported. The Switch was first released in 2017. U.S.-listed Nintendo ADRs rose more than 12% in the previous session.

In the currency market, the dollar index, which measures the greenback against a basket of its peer, traded at 97.363, climbing from levels near 96.900 earlier in the week. The Japanese yen traded at 111.90 to the dollar, weakening from levels near 111.20 in the previous week.

Oil prices ticked up overnight following declines in crude exports from Saudi Arabia. Global benchmark Brent rose about 35 cents to $ 71.97 a barrel while U.S. crude was up 24 cents to $64.

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Dow Briefly Up 100 Points

Stocks traded higher today, helped by a risingoil prices, following the release of the Fed’s statement.

Federal Reserve  Chairwoman Janet Yellen said in a press conference following the statement release that policymakers have not concluded inflation has seen a significant, lasting uptick.

The Dow 30  briefly gained 100 points, with Chevron, Caterpillar and IBM among the top contributors to gains. Goldman Sachs was the greatest contributor to declines.

Coming Up Later This Week:

Thursday

Bank of England monetary policy announcement and minutes

Earnings: Tencent, Michaels Cos., Intl. Game Technology, Lands’ End, Adobe Systems

8:30 a.m.: Jobless claims

8:30 a.m.: Philly Fed business outlook survey

8:30 a.m.: Current account

10 a.m.: JOLTS

10 a.m.: Leading indicators

10:30 a.m.: Natural gas inventories

4:30 p.m.: Fed balance sheet/Money supply

Friday

Quadruple Witching

Earnings: Tiffany

9 a.m.: New York Fed President William Dudley speaks

10 a.m.: Consumer sentiment

10 a.m.: Atlanta Fed business inflation expectations

11 a.m.: Boston Fed President Eric Rosengren speaks

1 p.m.: Oil rig count

1:30 p.m.: St. Louis Fed President James Bullard

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Stocks Tick Lower

U.S. stocks traded lower Thursday, but holding much of the week’s gains, after service sector reports and ahead of Friday’s jobs data.

The ISM non-manufacturing survey for February came in at 53.4. The figure was expected at 53, down from 53.5 in January.

January factory orders rose 1.6 percent.

The 2-year Treasury yield edged lower to 0.84 percent. The 10-year yield held steady at 1.85 percent.

The U.S. dollar index extended losses, with the euro at $1.093.

The final February Markit services PMI was 49.7, down from January’s final 53.2 print

Oil held lower in choppy trade but remained above $34 a barrel as of 9:53 a.m.
Coming Up:
Thursday
Earnings: Kroger, Royal Ahold, Barnes and Noble, Joy Global, Broadcom, Embraer, Ciena, Trina Solar, Cooper Cos.
10:30 a.m.: Natural gas inventories
10:45 a.m.: Dallas Fed President Rob Kaplan speaks
Friday
Earnings: Staples, WPP Group
8:30 a.m. Employment report; international trade
1 p.m.: Oil rig count

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