Dow dropped 260 near session lows, decliners over advancers 2-1 & NAZ retreated 227. The MLP index pulled back 4+ to the 229s & the REIT index fell 4+ to the 399s. Junk bond funds were mixed & Treasuries continued to see selling, raising yields. Oil was off 1+ to the high 77s & gold pulled back 7 to 1938 (more on both below).
AMJ (Alerian MLP Index tracking fund)
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Russian Pres Vladamir Putin met with Saudi Crown Prince Mohammed bin Salman by phone to discuss a collaboration on stabilizing the global oil market, the Kremlin said. The 2 leaders talked about a bilateral cooperation in the political, trade, economic & energy sectors. OPEC+, which Russia is a member, meets this week. The global members will seek coordination & stability on oil prices & policies. Oil is under pressure on indications of strong Russian supply despite a EU & G7 price cap imposed over its invasion of Ukraine. The EU has banned imports of Russian oil products since Feb 5. Hopes of a rise in Chinese demand have boosted oil in 2023. The world's biggest crude importer pledged over the weekend to promote a consumption recovery that would support demand.
Saudi Crown Prince and Putin discuss oil prices ahead of OPEC+ meeting
The electric car The stock fell 39¢.
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Electric car price wars may be heating up as Ford cuts cost of new SUV
WHO says Covid remains a global emergency but pandemic could near an end in 2023
Gold futures ended lower after posting weekly gains over the last 6 consecutive weeks. With so much uncertainty ahead of this week’s Federal Reserve meeting, gold prices have slipped back, although the lows for the last 5 days have been pretty steady at around $1915-1920. A hawkish surprise from the Fed could see prices slip back towards $1900 in the short term. The Fed will announce its monetary policy decision on Wed. Gold for Apr delivery fell $6 to settle at $1939 an ounce.
Gold futures end lower after posting gains for six weeks in a rowOil futures declined, with US benchmark prices settling at their lowest in about 2½ weeks. Uncertainty surrounds the outlook for demand & production ahead of an expected interest-rate hike by the Federal Reserve & a committee meeting of the Organization of the Petroleum Exporting Countries & their allies, both due Wed (OPEC+). US benchmark West Texas Intermediate crude for Mar declined by $1.78 (2.2%) to settle at $77.90 a barrel, the lowest front-month contract finish since Jan 11.
U.S. oil prices settle at their lowest in two and a half weeks
Traders are twiddling their thumbs, waiting for the Fed & OPEC+ to speak on Wed.
Dow Jones Industrials
