The close hour from of trading. Julie hyman is here with the latest. Julie thank you, oil. Spiking on the headlines. 32. 5 Million Barrels per day, a reduction of more than 750,000 Barrels Per Day from the august outlook of output of opec. Higher, andes are here is the price of oil, the biggest oneday surge of Oil Prices Going back to april. Analysts who follow the oil market are saying there is little suspense here. Happens inrdle november and we could get more granularity as to what the individual come countries are targeting in terms of Oil Production and Oil Production cuts. Takeaway is there is a willingness to cooperate that we have not seen in quite some time. Indeed, the eight year milestone , talking about production freezes in the interim and certainly in the recent past. It was quite unexpected. You can follow along with commentary on the bloomberg which gives you a live blog following the events in all of the commentary. Lets take a look at the groups on the move. Energy is
Inventories are today. 11 00 a. M. This morning. Hillary Clinton Holding a News Conference in the next few moments. We will take that live. When it begins. Road map with apple unveiling the iphone 7, will the new features boost the companys product cycle. Getting a downgrade from wells this morning. Hp enterprise shares falling despite what was an earnings beat, servers numbers perhaps a concern. Ceo meg whitman right next to us here at post nine. And b of a Ceo Brian Moynihan said more cost cutting is coming. First up apple hoping the newly launched iphone 7 and 7 plus will revive slowing sales. The features include longer battery life, higher resolution cameras, Water Resistance and, of course, the lack of that headphone jack. Meantime wells downgrading it to market perform expects shares to be range bound since positives surrounding apple largely unknown. The journal today, though, says enough new fiereatures people w be tempted to upgrade rather than next year. Age is ignorance. I
Earlier with the Securities Regulator seems to be fading as we head into the g20 meeting in shanghai this week. The sox are down one third 1 . We are seeing a rally when it comes to materials such as iron ore. Really raising the sentiment on mining. Dragged down by telecom and utilities at the australian stocks today. We are starting things off in the grain. Down by one third of 1 . We just heard from chris would talking about how asian stocks are a long term by opportunity. He still thinks that fundamentally they are cheap. But some analysts are saying there really isnt much of a Market Trends that we have seen recently at the start of this year. Today. Picture here lets take a look at the oil rebound. The iron ore rebound. The australian dollar. Youve seen these figures from about midjanuary. It is interesting because when you take a look at the gains is awe have seen there sign that we could see more gains to con. That resistance level of the 200 Day Moving Average of 72. 75. The pr
Lets get right to it because the financials just posted their best day since november 30th, 2011. Lets get in the money and find out. Dan, what do you say . I dont think so. I think it was a very healthy rally today. There was two pieces of news that caused it. We started out the morning with Deutsche Bank saying that theyre going to buy back bonds that have been something that people have been a bit worried about, about their Capital Position and their ability to pay interest on those bonds. And in the last 24 hours, we had jamie dimon buying 500,000 shares of jpmorgan stock. Weve had this massive rally with horrible sentiment. And to me i think it sets up for a good fade. They remind me of the sort of news we used to get back in 2008 from Financial Institutions when things were a bit hairy. Im not saying that any of these are similar situations. Sure. But the only problem i have is that these european banks even after todays rally, are still well below the financial crisis lows that
Also, we have had a strong run of gains for the major averages. Five straight weeks of gains. So now we are sort of hovering. There is a positive momentum as the s p and dow gained slightly. The nasdaq down very slightly. If you look at the s p 500 over the past week, it is not just today that we have seen this. There has not been that much of a change. Down about 10 about 7 10 of a percent. Even take a look at volume again today. If you look at the bloomberg, volume versus the 20 day average for all of the groups in the s p 500. All of these bars are down particularly energy. More than 40 drop in volume. Utilities, financials and health care seeing a 40 drop worse is the 20 day average. It is across the board. It is not it does not just feel like, it is lower than typical trading activity. Alyx is there a flight to safety in this Light Trading day or light across the board . Julie there is. You would think with little activity in stocks there would be little activity elsewhere and tha