(Friday Market Open) After eight-straight losing sessions, the Dow Jones Industrial Average ($DJI) might draw support Friday from stronger overseas markets overnight. Without much data or earnings news on the calendar, the focus sits squarely on OPEC amid talk that a crude oil production increase might be in the cards.
The timing of OPEC’s oil output decision isn’t clear. There’s a lot of talk on the Street about chances for output to rise, and Oilprice.com reports that OPEC (Organization of the Petroleum Exporting Countries) jacked up production even before today’s meeting of OPEC members.
What’s unclear is exactly how much production might climb, assuming OPEC can agree on a plan. Estimates from various analysts quoted in the media range from 500,000 barrels per day to 1.5 million on top of the roughly 32 million barrels a day OPEC reportedly pumps now. Russia (not an OPEC member) and Saudi Arabia are among the countries pressing for an increase, ac
Investors appear to continue to worry about escalating trade tensions between the world’s two largest economies.
The market appears to be ready for a possible rebound early Wednesday, but fears of a possible trade war haven’t vanished.
There’s more trade trouble with China as President Trump doubled down on his tariff threats, putting additional pressure on stocks in pre-market trading.
A mini-rebound heading into the Friday close didn't carry through into Monday, as trade concerns weigh stocks in early trading Monday.
New U.S. tariffs on China announced today are front and center, while quadruple witching is another factor that might be worth watching.
The Fed raised its benchmark interest rate Tuesday, as expected, and included more hawkish language in a statement indicating a stronger economic outlook.
After AT&T-Time Warner ruling, investor focus today is likely to be on the conclusion of the Federal Open Market Committee meeting and press conference scheduled for this afternoon.
The Trump-Kim summit statement was light on details, leaving Wall Street in wait-and-watch mode.
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