Commodity Market Movers

January 9, 2017 2:52PM CST

Stock Market update 

Stock futures traded mostly lower Monday morning amid a slump in crude oil prices. S&P 500 futures were down 0.09%, Dow Jones Industrial Average futures slid 0.19%, while NASDAQ futures rose slightly.

Dow 20,000 came agonizingly close on Friday, but building momentum flagged in the final moments to end up falling short of the major milestone. The Dow came within a point of the level in the afternoon session before backing off, just as it has for weeks. The S&P 500 and NASDAQ each closed at fresh record levels.

Emini Weekly

Crude Oil is moving with big news coming soon

Crude oil prices pulled below $53 a barrel on Monday, continuing to trade off of data late Friday that showed rising US production.  A weekly reading on U.S. activity showed the number of U.S. oil rigs climb for the 10th consecutive week in a row.  Commodities trading has been erratic in the past week as investors weight U.S. production against an agreement among major oil-producing nations designed to re-balance the markets.  A production cut agreement among Organization of Petroleum Exporting Countries and other non-OPEC producers took effect at the beginning of the year.

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Britain is getting ready to sever with the EU

The British Pound fell more than 1% overnight after British Prime Minister Theresa May suggested a full withdrawal from the EU, conflicting with former ambassador to the EU who had suggested the approach so far had been messy.  May said she will be providing more details in the coming week in regards to Great Britain pulling out of the EU for good. 

BP Weekly

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