Oil Contract Move Stuns Market

Friends

The fireworks around the May WTI oil contract melting down, weighed on stocks during today’s trading session. Stocks started lower but had recovered some by midday, but the spectacle of an oil futures contract falling way below zero seemed to spook market participants and sent stocks lower. There wasn’t much new on the medical front, but we will get a plethora of corporate earnings releases this week and next. As we mentioned Friday, the upcoming earnings releases are going to be difficult, to say the least.

For the day, the Dow Jones Industrial Average was down 592 points to close at 23,650. The S&P 500 was down 51 points to finish the day at 2,823. Gold was up $12 to trade at $1,711 per ounce, while the aforementioned May Oil contract was down $56.79 to trade at negative $38.52 per barrel. No that wasn’t at typo.

We mentioned in Friday’s video that we are likely to see ebbs and flows in the days and weeks ahead, and today we saw some “flows”. It was oil that grabbed the headlines today, we’ll have to see what gets our attention tomorrow. Buckle up, it’s going to be a news filled week.

Have a nice evening everyone.

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