Continued Energy Slump Weighs On Market Sentiment

By IFC Markets (Ara Zohrabian)Market OverviewJun 22, 2017 07:55AM ET

www.investing.com/analysis/margem-da-industria-encosta-na-media-historica-200196845

Continued Energy Slump Weighs On Market Sentiment

By IFC Markets (Ara Zohrabian) | Jun 22, 2017 07:55AM ET

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Nasdaq rises while S&P 500 and Dow slide

US stocks continued the slide on Wednesday as losses in energy shares outweighed gains in healthcare and technology sectors. The dollar pulled back: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed down 0. 2% at 97.531. The S&P 500 lost less than 0.1% settling at 2435.61 with eight out of 11 main sectors ending in negative territory paring earlier losses, led by energy stocks down 1.6%. The Dow Jones industrial average fell 0.3% to 21410.03, weighed by losses in Caterpillar (NYSE:CAT), DuPont (NYSE:DD) and Chevron (NYSE:CVX) shares. However Nasdaq rose 0.7% to 6233.95 lifted by gains in biotechnology shares after report President Trump has drafted an executive order that would ease industry regulations.

Energy shares weigh on European stock indices

European stock indices were dragged lower by continued slump in energy stocks. Both the euro and British Pound gained against the dollar in a reversal from two-day losing streak. The Stoxx Europe 600 index lost 0.2%. Germany’s DAX 30 fell 0.3% to 12774.26. France’s CAC 40 ended 0.4% lower and UK’s FTSE 100 index slid 0.3% to 7447.79.

Asian stocks mixed

Asian stock indices are mixed today. Nikkei ended 0.1 % lower at 20110.51 reversing early gains as the dollar slide against the yen continued. Chinese stocks pull back following gains Wednesday after MSCI agreed to include China’s 220 A-shares in its popular emerging-markets index. The Shanghai Composite Index is 0.3% lower while Hong Kong’s Hang Seng Index is up 0.01%. Australia’s All Ordinaries Index is 0.7% higher as the Australian dollar is little changed against the US dollar. The Reserve Bank of New Zealand left the interest rate at 1.75% as it maintained a neutral policy stance as widely expected.

Nasdaq slides on US output rise

Oil futures prices are lower today on persistent concerns global supply glut is not ebbing despite OPEC’s output cut deal. Prices ended lower yesterday after the Energy Information Administration report US domestic crude production rose while inventories fell. The EIA reported US crude supplies fell 2.5 million barrels last week while domestic production climbed 20000 barrels a day. August Brent crude fell 2.6% to $44.82 a barrel on Wednesday on London’s ICE Futures exchange.

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Continued Energy Slump Weighs On Market Sentiment

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