Hello MarketClub members everywhere. The drop by the U.S. Dollar today has helped to pull crude oil off of its 10-month lows producing two straight days of gains heading into the weekend.
Overall, U.S. stocks have been little changed this week, with the Dow and S&P flat in the period. Meanwhile, the NASDAQ is on track to post a weekly gain of almost 2% after two weeks of losses.
Key levels to watch next week: Continue reading "Oil Stabilizes As The Dollar Falls"
Hello MarketClub members everywhere. I expected the market to react in a positive light when it was announced that Amazon.com Inc. (NASDAQ:AMZN) would buy Whole Foods Market Inc. (NASDAQ:WFM) for 13.6 Billion dollars. However, that was not the case.
The likes of Wal-Mart Stores Inc. (NYSE:WMT), The Kroger Co. (NYSE:KR), Sprouts Farmers Market Inc. (NASDAQ:SFM), and so on are down significantly on the day. Which of course is putting pressure on the overall market. What do you think about the announcement?
Crude Oil is up on the day, but it's still 2.5% lower for the week. That would be its longest run of weekly losses since August of 2015. This comes as OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.
Key levels to watch next week: Continue reading "Amazon Makes A Bold Move"
Hello MarketClub members everywhere. The Nasdaq has fallen more than 1% today, retreating from an early record and turning sharply lower for the week. The technology sector has abruptly fallen this afternoon on what could be viewed as profit taking after the recent run-up.
The Dow is fighting to stay in positive territory for the day and week while the S&P 500 has turned slightly lower for the day and the week as gains in both financial and energy shares offset the losses in the tech sector.
Key levels to watch next week: Continue reading "Tech Selloff Ruins Record Day"
Hello MarketClub members everywhere. The markets continue to climb to record levels despite the Labor Department reporting that 138,000 jobs were created last month. These numbers were well below the expected 185,000. Wages also grew less than expected, with average hourly earnings rising at a 2.5 percent annualized rate. The unemployment rate, however, fell to 4.3% from 4.4%.
Crude oil tumbled below $47 a barrel, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global oversupply.
Key levels to watch next week: Continue reading "Job Growth Slows In May"
Hello MarketClub members everywhere. Crude Oil continues to head lower after OPEC announced that they had come to an agreement with Russia and other producers to extend their production cut deal by about 1.8 million barrels per day (BPD) until the end of March 2018. Their initial deal had been set to expire in June.
Oil prices fell when the deal was extended because some traders had hoped for a longer extension or deeper cuts.
All the while U.S. oil production has climbed to more than 9.3 million BPD, close to top producers Saudi Arabia and Russia.
Official government data showing weekly U.S. crude inventories will be published on Thursday, and most analysts expect U.S. stocks to fall by 2.8 million barrels last week, their eighth straight weekly decline. That's something to keep an eye on as oil heads lower.
Key levels to watch next week: Continue reading "Crude Oil Drags Markets Lower"
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