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Oil continues to fall in price, the US stock market shows a negative trend

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Oil continues to fall in price, the US stock market shows a negative trend
June 21
08:00 2017

MarketWatch, a respectable financial portal writes that the fall has amounted to more than 20% since February (when oil quotes were at their best). In the oil market, traders can observe a classic “bearish” trend, i.e. a continuous sequence of increasingly decreasing lows and highs that make the market to move down.
According to the results of yesterday’s session, quotes of WTI oil fixed at $ 43.23 per barrel. The reason is the same – the increase of oil production by Libya. Also, the experts’ expectation of increasing the production of “black gold” in the United States influences the “bearish” trend.
An interesting situation exists in the sector of high-tech companies. Almost all the leaders showed a decline in quotes to 1%. It’s about such companies as Amazon, Apple, Google and Facebook.
But not technology suppliers, but oil companies have become leaders of the fall. Thus, Marathon Oil lost 3.4%, Transocean – 4.2%, Chevron – 0.9%.
Perhaps, the shares of Tesla Inc were the only that showed the increase. The growth caused by the investigation of a recent accident involving an electric vehicle was 0.7%.
The increase of 0.6% was demonstrated by McDonald’s too.
The situation with the indices is as follows:
The Dow Jones Industrial Average dropped to 21467.14 points (by 61.85 points, 0.3%);
Standard & Poor’s 500 also fell to a value of 2437.03 points (by 16.43 points, 0.7%);
Nasdaq Composite fixed at a value of 6,188.03 points (-50.98 points or 0.8%.
Currently, the annual conference of Central Banks is being held in Amsterdam. First of all, the danger of low interest rates for financial stability is a matter of discussion there.

 

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT Trade

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