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Global stocks in retreat as oil prices slip once again Global stocks in retreat as oil prices slip once again
(35 minutes later)
U.S. stocks stumbled in early trading Monday as investors continue to worry about the health of the global economy amid falling oil prices.U.S. stocks stumbled in early trading Monday as investors continue to worry about the health of the global economy amid falling oil prices.
The Dow Jones industrial average and the Standard & Poor’s 500-stock index were down about 1 percent as trading opened. The Dow Jones industrial average and the Standard & Poor’s 500-stock index were down about 2 percent. Investors seeking safety bought up government bonds, sending those yields down. (When there is high demand for bonds, their prices increase and yields, or interest rates, fall.)
U.S. stocks are following European markets into negative territory, with media and technology sectors leading losses. The Euro Stoxx 50 and France’s CAC 40 were both down more than 2 percent. Many markets across Asia were closed for Lunar New Year holiday. U.S. stocks are following European markets into negative territory, with media and technology sectors leading losses — picking up from a big tech sell-off Friday. The Euro Stoxx 50 and France’s CAC 40 were both down more than 2 percent. Many markets across Asia were closed for Lunar New Year holiday.
Investors have been concerned that falling oil prices may reflect a weakness in the global economy that the United States won’t be able to avoid. The price of WTI crude fell to about $29 a barrel on Monday and is down more than 50 percent over the past year.Investors have been concerned that falling oil prices may reflect a weakness in the global economy that the United States won’t be able to avoid. The price of WTI crude fell to about $29 a barrel on Monday and is down more than 50 percent over the past year.
Consumers have been pocketing the savings from low fuel prices rather than spending it, and banks that bet big on oil companies are starting to feel the pinch. A slowdown in China’s economy could also curb fuel demand over the next few years, analysts have said.Consumers have been pocketing the savings from low fuel prices rather than spending it, and banks that bet big on oil companies are starting to feel the pinch. A slowdown in China’s economy could also curb fuel demand over the next few years, analysts have said.
U.S. stocks have been sluggish all year. The Dow and S&P are down 7 percent and 8 percent respectively in 2016. The tech-heavy Nasdaq is struggling the most, falling 12 percent so far this year. The energy sector was hardest hit Monday, but banking stocks were also down significantly. Bank of America and Citigroup were down 5 percent and 4 percent respectively.
Investors have also been skittish about the pace at which the Federal Reserve will raise key interest rates. They may get some clarity on that issue this week when Federal Reserve Chair Janet Yellen offers her semiannual testimony before Congress.
U.S. stocks have been sluggish all year. The Dow, a barometer of 30 blue-chip stocks, and S&P, a broader look at the market, are down 7 percent and 8 percent respectively in 2016. The tech-heavy Nasdaq is struggling the most, falling 12 percent so far this year.