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Feb 24 2016

Wall St falls along continued oil weakness

Market Recap 2/23/16:
 
U.S. stocks fell sharply on Tuesday, with major indexes losing more than 1 percent in a sharp retreat from the previous session’s gains. The losses came after Saudi Arabia’s oil minister effectively ruled out production cuts among major oil-producing nations, a move that could have address the persistent oversupply issues that have saturated the markets. Crude oil has fallen to multi-year lows of late, a decline that was transferred to the broader market. While the correlation between oil prices and broader equities has shown signs of breaking down of late, adding to theories that the equity market has put in a bottom, the commodity weakness did lead Wall Street lower on Tuesday, with energy shares among the weakest of the day.
 
Looking ahead:
 
U.S. stock index futures fell on Wednesday, extending the previous session’s decline as crude oil prices fell sharply. The commodity market continued to digest the news that a deal by major oil-producing nations to freeze production was unlikely, meaning the market’s oversupply issue would remain unaddressed. Traders are also looking ahead to comments from Richmond Fed President Jeffrey Lacker, who may provide insight as to whether the Federal Reserve will continue with its plan to raise interest rates by four times this year despite recent market volatility. 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.