Major market indices are relatively flat.  The one standout today is the transportation sector, which is trading higher by 1.3%.  Transportation stocks are benefitting from lower fuel costs.  Airlines are leading the way, trading higher by 1.5%.  Alaskan Air (ALK) is higher by 2.75% after Goldman initiated coverage with a Buy rating. 

Crude oil is getting hammered as it breaks below $60.00.  West Texas Intermediate crude oil is trading lower by 5.5%, down $3.30, at $56.62.  That’s over 25% lower from the recent high of $76.24 made on October 3.  

West Texas Intermediate Crude Oil

OPEC sees crude oil demand declining faster than previously expected in 2019.   Slowing global economies are expected to crimp demand. Global demand for OPEC crude oil is expected to be approximately 31.5 million barrels a day.  That would be 500,000 barrels a day below forecasts from two months ago, and about 1.4 million below current production.

At midday:

• The Dow is unchanged on the day
• The S&P 500 is higher by 0.30%
• The Nasdaq is higher by 0.64%
• The Russell 2000 is higher by 0.41%

Breadth:

• NYSE advancers 1,724 to declines 1,220; 52-week new highs 22 to new lows 114
• Nasdaq advancers 1,836 to declines 1,156; 52-week new highs 19 to new lows 128