Dow Futures Down Almost 200 Points As Oil Surges

U.S. Dow futures fell nearly 200 points in pre-market trading Monday morning indicating a lower open for the closely watched industry. Inflation, rising fuel costs and supply chain disruptions are causing investors to worry about what the rest of the earnings season (and most especially next earnings season) may look like.

This week, major heavyweights Tesla, Netflix, IBM, Intel and Johnson & Johnson are all due to report.

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Although last week’s strong earnings from major investment banks increased expectations for a better than expected recovery, now investors seem to be growing more worried about the effect of inflation on future earnings in other industries.

Level Chg. Chg. %
DOW Futures 35,029.00 -183 -0.52%
S&P 500 Futures 4,445.25 -16.75 -0.38%
Nasdaq Futures 15,102.50 65.25 0.43%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury is moving higher at 1.624%. The dollar remained stable against a basket of major currencies up, 0.01 at 93.94 on the DXY.

Stocks To Watch

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Oil stocks were up on a further surge in oil prices. Occidental Petroleum Corp, Coterra Energy and Marathon Oil were all up in premarket trading on higher oil prices.

Shares of Intercontinental Exchange were up as tech investment firm Silver Lake Partners announced a strategic investment in the company. Silver Lake will acquire 9.85% in the company for 706 million Euros.

Disney stock slid as investment bank Barclays cut the company’s rating to “equal weight” and changed the price target to $175. Barclays noted that the growth of Disney+ streaming platform slowed significantly.

Symbol Movers Price Chg. % Volume
CTRA Coterra Energy Inc $21.00 3.24% 2,736
OXY Occidental Petroleum Corp $32.37 2.24% 81,349
ICE Intercontinental Exchange Inc $132.06 2.06% 8,567
MRO Marathon Oil Corp $16.43 1.55% 27,481
DIS Walt Disney Co $173.58 -1.63% 30,586

 

Commodities To Watch

Oil rose on improved prospects of pandemic recovery. WTI crude rose to the highest level since 2014. Gold dropped. 

Price Chg. %
WTI Crude Oil $83.54 1.53%
Brent Crude Oil $85.71 1.00%
Natural Gas $5.30 -6.77%
Gold $1,764.20 -0.23%
Silver $23.29 -0.23%
Copper $4.76 2.84%
Soybeans $1,216.00 -0.14%

Crypto

The global crypto market cap is $2.46T, a 1.20% decrease over the last day. Bitcoin is pushing up above $60,000, the highest level since April 2021, on the upcoming launch of the first Bitcoin ETF’s. 

Symbol Price Chg. % Market Cap.
Bitcoin BTC $60,872.43 -0.38% 1.15t
Etherium ETH $3,741.71 -3.36% 439.94b
Ripple XRP $1.08 -4.55% 47.62b
Dogecoin DOGE $0.2563 +6.99% 33.77b

 

 

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