Futures Fall As Oil Rallies To Seven-Year High of $81 a Barrel

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The market may start the week in the red. On Monday, S&P futures fell as oil surged to the highest level since 2014, causing more concerns over inflation and growth. The Dow briefly moved into positive territory.

At issue: Oil. Oil is now near $81 a barrel, and many speculate it could head even higher as we move into colder winter months.

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The question on many investors’ minds: will a global energy crunch will bump up inflation numbers even more, and therefore slow down the post-pandemic economic recovery?

Level Chg. Chg. %
DOW Futures 34,574.00 -66 -0.19%
S&P 500 Futures 4,367.25 -23 -0.52%
Nasdaq Futures 14,711.00 -171.75 -1.15%

 

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The yield on the 10-year Treasury rose slightly and now stands at 1.6%. The dollar strengthened against a basket of major currencies.

U.S. Dollar and Treasuries

Price Chg. Chg. %
U.S. Dollar Index (DXY): 94.24 +0.17 +0.18%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.093% -0.001 0.094%
U.S. 2 Year Treasury Note 0.314% 0.000 0.314%
U.S. 5 Year Treasury Note 1.061% 0.000 1.061%
U.S. 10 Year Treasury Note 1.613% 0.000 1.613%
U.S. 20 Year Treasury Bond 2.108% 0.000 2.108%
U.S. 30 Year Treasury Bond 2.166% 0.000 2.166%

Stocks To Watch

Major oil companies extended their gains due to the surge in oil prices. The biggest winners in premarket trading all energy companies. Among them, Marathon Oil, Occidental Petroleum, Hess Corp, etc.

Southwest Airlines slumped on reports that the commercial carrier will extend cancellations due to bad weather in Florida. The cancellations impacted 30% of its flights on Sunday.

Twitter shares were trading down after Australia threatened tougher laws on online posts. As a response, Twitter, Facebook and Google in Australia set up a special committee to adjudicate misinformation complaints.

$ Price % Change Volume
MRO Marathon Oil Corp 16.60 3.30% 51,526
OXY Occidental Petroleum Corp 34.71 3.21% 108,743
HES Hess Corp 91.84 3.02% 4,792
DVN Devon Energy Corp 40.91 2.63% 27,637
EOG EOG Resources Inc 92.88 2.60% 3,584
LUV Southwest Airlines Co 52.45 -2.73% 17,418
TWTR Twitter Inc 63.03 -1.02% 14,230

 

Commodities To Watch

Oil rose amid the global energy crunch. Gold was stable. 

Price Chg. %
WTI Crude Oil $81.91 3.23%
Brent Crude Oil $84.53 2.60%
Natural Gas $5.75 1.29%
Gold $1,755.80 -0.09%
Silver $22.58 -0.57%
Copper $4.35 1.70%
Soybeans $1,245.25 0.18%

Crypto

The global crypto market cap is $2.32T, a 0.33% increase over the last 24 hours. Bitcoin’s dominance is currently 45.68%, an increase of 0.92% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $56,411.72 +2.79% $1.06trillion
Etherium ETH $3,567.75 +0.80% $419.28b
Cardano ADA $2.21 -1.41% $68.73b
Ripple XRP $1.15 -2.61% $50.71b
Dogecoin DOGE $0.2334 -4.21% $30.73b

 

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