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If Americans think prices at the pump are high now, they may be in for a shock. Energy research firm Rystad Energy predicts that oil could cross the $135 per barrel level in the coming months if the Mideast turmoil fails to let up by then. Gas prices now hover at an average of $3.40 per gallon in the U.S.
With the stock market tanking and the price of oil soaring, the risk-off trade is officially in motion. In response, the market’s Fear & Greed Index has slipped over into “extreme fear” territory, clocking in at a reading of 21 out of 100, with the higher end of the spectrum reflecting extreme greed.
On the bright side, the Nasdaq Composite has trimmed today’s losses to 0.40%.
Citi analysts are sending mixed signals on Apple (Nasdaq: AAPL) stock, reemphasizing a “buy” rating while lowering their EPS estimates.
Deutsche analysts reiterated Oracle (Nasdaq: ORCL) as a “buy” but then slashed the price target by $75 to $300 per share. Oracle stock is down 3% today on the latest data center drama and ahead of Tuesday’s earnings report.
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This article will be updated throughout the day, so check back often for more daily updates.
The markets are starting the week the way they ended last week – under pressure. All three of the major stock market averages are reeling, including a 1% decline in the Nasdaq Composite out of the gate. The tech-heavy index is being pressured by the likes of ASML Holding (Nasdaq: ASML | ASML Price Prediction), Google parent Alphabet (Nasdaq: GOOGL) and Meta Platforms (Nasdaq: META), to name a few. The Dow Jones Industrial Average is sinking by over 500 points while the broader market index, the S&P 500, is falling another 1%.
The story of the day is oil, which has been soaring over the weekend to surpass the $100/barrel threshold, revisiting a level it has not seen since 2022. Oil prices are being driven higher by the Mideast turmoil, more specifically the effectual closure of the Strait of Hormuz, preventing the passage of critical oil tankers through the Persian Gulf.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,944.00 Down 554.91 (-1.17%)
Nasdaq Composite: 22,192.05 Down 208.25 (-0.93%)
S&P 500: 6,670.52 Down 69.50 (-1.05%)
Hims & Hers Health (NYSE: HIMS) stock is skyr0cketing by over 37% after Novo Nordisk confirmed it will sell Wegovy and Ozempic on the Hims & Hers platform. Shots and the Wegovy pill will be available on Hims later this month. As part of the deal, Hims will no longer advertise cheaper compounded GLP-1 drugs.
Nasdaq is partnering with crypto exchange Kraken in a plan to offer 24/7 tokenized stock trading, per the WSJ, a move that would allow investors to trade equities around the clock on blockchain-based infrastructure.
Bitmine Immersion Technologies (AMEX: BMNR) and Fundstrat’s Tom Lee added 60,976 Ethereum (ETH) to its treasury this past week, continuing the company’s aggressive crypto accumulation strategy.
Strategy Inc. (Nasdaq: MSTR) and Michael Saylor purchased an additional 17,994 Bitcoin last week at an average price of around $70,946 per coin, buoying its total holdings to 738,731 BTC, purchased at an average cost of $75,862 per Bitcoin.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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