Surging oil prices may account for the stock market's sideways performance since early September, says one Wall Street analyst.
Surging oil prices might account for some of the stock market’s sideways performance since early September, according to one Wall Street analyst, with crude knocking on the door of a level that traditionally starts to bite into economic activity.
“Such oil-price strength is likely a contributor to the rangebound nature of [the S&P 500] since the 9/2 high, along with plateauing earnings estimates, a more hawkish Fed and mixed public flows,” Emanuel wrote. Past slowdowns that followed oil-price spikes “have also been accompanied by increased equity market volatility albeit with medium-term small-cap outperformance,” he said, using the table below to illustrate how past crude-price jumps have affected equities in the past.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi leads major Gulf markets higherMajor stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs.
Read more »
Americans' heating bills could surge this winter. What that means for utility stocksNew for subscribers: Americans' heating bills could surge this winter. What that means for utility stocks. Check out CNBCPro today.
Read more »
Column: Global oil market is tight, despite what producers say: KempGlobal petroleum inventories have fallen to their lowest seasonal level for seven years as producers have failed to raise output to match the rapid rebound in consumption since last year’s coronavirus-driven recession.
Read more »
What to watch today: Wall Street set to start the week lower after Friday's rallyDow futures dropped Monday against the backdrop of increasing U.S. oil prices and a tick-up in bond yields.
Read more »
Walmart+ members get first dibs on Black Friday deals, which will start in early NovemberThe big-box retailer is offering the perk at a time when many shoppers are concerned about out-of-stocks and rising prices.
Read more »
From clean energy to health, Morgan Stanley picks India stocks set to see strong growthNew for subscribers: From clean energy to health, Morgan Stanley picks India stocks set to see strong growth. Check out CNBCPro today.
Read more »