Crude Oil rises, stocks are up and down
With light economic news stocks generally traded in a range today with only a handful of exchanges reporting moves over 0.5%. In the U.S. the Dow was up over 1.25%, while the NASDAQ was down 0.40%, as investors took profits after recent moves. The S&P 500 while up only 0.30% in mid-day trading to 3,360 is inching back toward its February high of 3,393.
WTI Oil moved above $42/bbl. On positive comments from Saudi Aramco and expectations that U.S. stimulus efforts will support demand in coming months.
Lebanon’s Prime Minister resigns
Hassan Diab, Lebanon’s PM announced his resignation, along with the resignation of his entire cabinet earlier today. The move comes after the August 4th port explosion that killed over 160 and injured thousands. Diab said he was following the will of the people and that he backed calls by ordinary Lebanese that those responsible for the explosion be put on trial.
Tencent down over $60 billion on WeChat ban
Tencent Holdings Ltd. has seen its market cap drop by over $60 billion in the last two days of trading. The drop in value followed President Trump’s Executive Order banning the company’s WeChat App as well as ByteDance’s TikTok.
As Tencent is involved in a host of digital products and companies including a 40% holding in Fortnite, the knock on effects of the ban are not yet known. Nor are the potential effects of any Chinese retaliation.
Quote of the day: “The opportunities that everyone cannot see are the real opportunities.”Jack Ma
UAL: United Airlines increased by over 8% to $37.25 in today’s trading, along with similar moves for other airline stocks. The move for United and the industry came as the TSA announced that over 800,000 had passed through security checkpoints on Sunday. This is the highest volume of passengers in U.S. airports since mid-March and there are also signs that political support for additional government support for the airlines is growing.
EURUSD: The US dollar continued to strengthen as EURUSD moved down to 1.1740 to start the week. This was after pair ended last week with the largest daily decrease since April.