Yahoo Finance Stocks weaken into the close as oil soars
The Dow and S&P 500 are touching new highs before backing off, but crude is the story of the day – jumping nearly 10% as OPEC strikes a deal. Catch The Final Round at 4 p.m. ET with Alexis Christoforous and Joe Fahmy of Zor Capital.
Winners and losers
Stocks ending the day in the red include American Eagle Outfitters after the teen retailer gave a weak sales forecast for the holiday-quarter: cloud data storage company Nutanix losing ground despite posting a beat on its top and bottom lines and after analysts noted valuation could be a headwind; and Valeant, with shares of the drugmaker slumping on reports that talks to sell its Salix unit to Japan’s Takeda Pharmaceutical have fallen apart.
Stocks finishing the day in the green include Goldman Sachs on a Deutsche Bank upgrade to buy; big data software maker Splunk after posting a beat on earnings and boosting its full-year outlook; and Fannie Mae and Freddie Mac. Shares of the government-sponsored enterprises surged after Steve Mnuchin, Trump’s nominee for Treasury Secretary, said that the firms should survive as private entities and not be wound down.
Crude soars as OPEC strikes deal
It’s a done deal: OPEC cartel members have agreed to reduce supply to 32.5 million barrels a day, OPEC’s first cut in 8 years. Here to break down what it all means is Dan Dicker of The Energy Word and author of the book “Shale Boom, Shale Bust: The Myth of Saudi America.”
Looking ahead
At 8:30 a.m. ET, we’ll get jobless claims for the week. Economists are expecting 253,000 initial claims.
At 10 a.m. ET, we’ll get ISM’s manufacturing index for November. The Street’s looking for a 52.3 reading, indicating modest expansion.
During the day we’ll get motor vehicle sales figures for November. The consensus is for the annualized sales rate to dip slightly to 17.8 million vehicles sold.
