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Apr 18 2016

Wall St falls after oil meeting fails to result in production freeze

Market Recap 4/15/16:

U.S. stocks fell on Friday, pressured by energy shares as investors bet that a meeting of major oil-producing nations would do little to clear up the commodity’s oversupply glut. Though the correlation has somewhat faded of late, Wall Street remains closely tied to crude oil prices. Investors are worried that persistently weak prices could presage a broader economic slowdown, or that financial companies could be vulnerable to energy companies defaulting on loans if prices do not pick back up. Also weight on the markets on Friday was Apple (AAPL), following reports the tech giant was continuing its reduced production of iPhones in response to light demand. Despite the decline on the day, major indexes were positive for the week.

Looking ahead:

U.S. stock index futures fell on Monday after a weekend meeting of major oil nation failed to result in a freeze to their production targets. The news means that energy prices could stay low for a while, until global demand picks up in a big way – a uncertain prospect given slowing growth in China and increased use of alternative energy sources. Investors were also cautious as they awaited the latest corporate earnings, with Morgan Stanley (MS) scheduled to report before the market opens and both IBM (IBM) and Netflix (NFLX) coming out after the close. While earnings are seen falling this quarter, expectations may be so low as to make it easier for names to come in ahead of expectations. Don’t miss this week’s Money Matters with Gary Goldberg; for stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.