Oil Futures Extend Losses After U.S. Crude Stock Build
April 17, 2024
Linea Mercati Interview 4/17/24
April 18, 2024The stock market appears to be stuck in a rut of opening higher, only to give back gains by the closing bell.
The S&P 500 index on Wednesday looked to be at it once again, with the equity gauge on pace to close lower, following an open in the green, for a third straight session. It would mark its longest such streak of reversals since June 29, 2022, according to Dow Jones Market Data.
“Basically, we are going nowhere, but not falling apart,” said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview Wednesday afternoon.
The up-down action points to a minor rotation in stocks, Cardillo said, while noting equities could be in the last innings of a downswing, in part because easing oil prices and falling bond yields suggest less fear in markets around the Iran-Israel conflict.
Baring major escalations in the Mideast, Cardillo expects big-name earnings on deck in the next two weeks to help improve the tone in the stock market.
Crude Oil Continuous ContractCL00(NYM)
