US Equity Handover: Oil Tanks Another 4%, Dragging Down Energy Stocks
Matt Weller, CFA, CMT June 12, 2019 3:59 PM
- US indices edged lower today amid ongoing US-China trade tensions and rioting in Hong Kong.
- Utilities (XLU) were the strongest sector today as bond yields fell; Energy (XLE) was the strongest major sector.
- US CPI (May) came in a tick weaker than forecast at 1.8% y/y (Core CPI printed at 2.0% y/y).
- WTI fell 4% today to close at its lowest level 51.14, its lowest level in five months, after an unexpected buildup in inventories. See “4 Reasons Oil is Tanking” for more.
- Beyond Meat (BYND) recovered 12% today to reverse about half of yesterday’s downgrade-driven losses.
- Dave and Busters (PLAY) dropped 22% to a 1-year low today after reporting disappointing earnings and revenues.
*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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