The markets, after being down all day, have turned positive. Consumer Staples and Consumer Discretionary along with Financials are up slightly today while the Health Care and Utility sectors are lagging. Decliners outpace advancers 1530/1314 on the NYSE and 1463/1369 on the Nasdaq.
Oil is down and in correction territory, down over 20% from its recent highs; although, it’s off its earlier lows. WTI is trading at $59.18.
The International Energy Agency (IEA) issued a warning today that rising output from U.S. drillers will impact OPEC’s nearly attained goal of reducing global stockpiles to a five-year average. This would be the second time in the last three years that U.S. production could derail OPEC’s target. The U.S. drillers are producing more than 10 million barrels per day and are only about 1.4 million barrels away from being able to fulfill global supply.
According to the IEA, "Today, having cut costs dramatically, U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth."
On the economic front, tomorrow we will get the latest read on the Consumer Price Index (CPI). With all the chatter about rising inflation, this shall be an important report.
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