global finance, global economy, world economic crisis

World Markets Update

US stocks fell Tuesday on declining Crude Oil prices, and Alcoa’s revenue disappointed players.

A, GS, CVX, JPM

Energy stocks led the S&P 500’s losses, with the S&P Energy Index .GSPE down 3.1%. DJIA component Chevron Corp (NYSE:CVX) fell 3.4% to 104.08/shr.

Crude Oil prices fell for a 2nd day running following a Goldman Sachs (NYSE:GS) forecast calling for a fall of almost 20 bbl in the price of Brent Light Crude Oil in coming months. The International Energy Agency also said high prices could curb Crude Oil demand

Earnings announcements will likely act as a catalyst for trade in coming weeks. Tomorrow morning brings the latest from JPMorgan Chase (NYSE:JPM) 46.92, +0.06, which is widely expected to report earnings of 1.16/shr

Alcoa Inc (NYSE:AA) slid 6.2% to 16.67, and was among the DJIA largest percentage losers a day after it reported revenue that missed, and profits that Topped consensus expectations.

Materials stocks in general were down with declines in metals prices, with worries that Japan’s massive earthquake and a nuclear crisis could weaken recovery prospects in the world’s third-largest economy.

The DJIA .DJI closed down 117.53 pts, or 0.95%, at 12,263.58.

The Standard & Poor’s 500.SPX closed down 10.30 pts, or 0.78%, at 1,314.16.

The NAS Composite Index .IXIC closed down 26.72 pts, or 0.95%, at 2,744.79..
Commodities finished lower across the board Tuesday, led South by a 3.5% sell off in the Grains. July Wheat finished lower by 4.8% to 7.92 per bushel in profit taking from its recent run to above 8.

May Crude Oil fell 3.3% to settle at 106.25 bbl, extending its sell off to a 2nd straight session. Crude Oil has now shed over 6.50 or 5.8% from yesterday morning’s 2.5 yr high at 113.46.

Further headline risk shook out speculative money that recently pushed Crude Oil to those 2.5 yr highs.

It was an quiet session for May Nat Gas, which finish near unchanged at 4.10 per MMBtu.

The sell-off in Crude Oil dampened the precious metals sector, with Jun Gold falling 0.9% to 1453.60 oz, and May Silver dropping 1.4% to finished at 40.06 oz. Neither metal was able to retrace their mid-morning sell off.

The Snap Shot of the Major World Markets

DJIA 12263.60 -117.53 -0.95%
S&P 500 1314.16 -10.30 -0.78%
NAS 2744.79 -26.72 -0.96%
S&P/TSX 13801.40 -195.46 -1.40%
Mexico Bolsa 37340.80 -249.86 -0.66%
Brazil Bovespa 67008.10 -1156.24 -1.70%
STOXX 50 2932.33 -42.25 -1.42%
FTSE 100 5964.47 -88.97 -1.47%
CAC 40 3976.60 -62.10 -1.54%
DAX 7102.91 -101.95 -1.42%
FTSE MIB 22018.60 -347.38 -1.55%

Amerivest Advisory Board Contributors


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