|Bid||0.00 x 2900|
|Ask||0.00 x 3000|
|Day's Range||13.65 - 13.93|
|52 Week Range||8.65 - 14.74|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.31%|
Oil prices have been on the rise, which is a negative for U.S. consumers but helping the economy overall.
On May 24, US crude oil July futures fell 1.6% and closed at $70.71 per barrel. On the same date, the United States Oil ETF (USO) fell 1.5%.
The S&P 500 fell ~0.2% to 2,727.76 on May 24. The decline in crude oil prices and energy stocks pressured the S&P 500. On May 24, President Trump canceled the summit with North Korea scheduled on June 12, which also pressured the S&P 500. The meeting was canceled due to hostility from North Korea.
Oil prices have rallied this year. But options traders should be careful when maneuvering bets in the sector. Brent crude prices have risen almost 18% in 2018 so far. On Wednesday, they settled at $79.80, ...
The S&P 500 rose ~0.3% to 2,733.29 on May 23 due to the rise in the utilities and real estate sector. On May 23, the Fed released the minutes for its meeting on May 2. The minutes highlighted that the Fed would increase the US interest rate gradually despite inflation rising at a faster pace. The meeting minutes supported the S&P 500 on May 23. Six out of ten key sectors in the S&P 500 advanced on May 23.
The FOMC’s May meeting minutes indicated that some of its members had turned bearish on inflation (TIP). This information played a major role in changing investor’s assessment of the Fed’s plan for future rate hikes. If members feel that inflation can’t sustain above 2%, there’s the chance that they could limit the number of rate hikes going forward.
According to the May FOMC meeting minutes, members are of the view that the US economy is continuing to grow at a moderate pace. The trend of improving economic conditions in the inter-meeting period continued at the May meeting, with FOMC members acknowledging strength in the employment market, increased household spending, and improved business investment.
The S&P 500 fell ~0.3% to 2,724.44 on May 22 due to the decline in energy stocks. Uncertainty about the outcome of trade negotiations between the US and China also pressured the S&P 500. Six out of the ten key sectors in the S&P 500 dropped on May 22.
U.S. commercial crude inventories rose by 5.8 million barrels in the last week, compared with analysts' expectations for an decrease of 1.6 million barrels. OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply. Oil prices have gained nearly 20 percent so far this year, with Brent briefly rising above $80.
The S&P 500 rose ~0.7% to 2,733.01 on May 21 due to the rise in industrial stocks and crude oil prices. The index is at the highest level in more than two months. All of the major sectors in the S&P 500 advanced on May 21.
On May 21, Brent crude oil July futures settled $6.87 higher than WTI (West Texas Intermediate) crude oil July futures. On May 14, the Brent-WTI spread was at $7.24. In the last two trading sessions alone, the Brent-WTI spread contracted by $0.86.
The Conference Board Leading Economic Index (or LEI) has ten constituent indicators, and all but one of these forward-looking indicators is based on expectations. This economic indicator used in the construction of the LEI is based on consumer expectations. This economic indicator is based on two different consumer surveys.
For the week ended May 18, crude oil (USO) rose from $70.70 per barrel to $71.37 per barrel, an increase of ~1%. The price rose during the first three days of the week and then on Thursday hit a 52-week high of $72.30 per barrel. But it couldn’t sustain that level and closed unchanged for the day. On Friday, the price fell marginally.