US stocks follow oil lower after Iran called production freeze ridiculous

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The stock markets in the US fell in early trading, tracking the losses in oil triggered by Iran’s criticism of the production freeze strategy adopted by Saudi and Russia.

    At the time of writing, Dow Jones Industrial Average (DJIA) was down 0.6% or 105 points. The S&P 500 index was down 0.76% or 14.70 points. The tech index Nasdaq was down 1% as well. The DJIA Oil and Gas index was down 1%. Basic Materials index was down almost 2%.

    Shares in JP Morgan and Goldman Sachs were down 3.5% and 2.5% respectively. Meanwhile, Home Depot shares were up 1.6%.

    The oil-driven losses in the equities also pulled the treasuries lower from their daily highs. The 10-yr yield, which was up more than three basis points earlier today, now trades largely unchanged on the day around 1.767%.
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