Keep one eye on oil and the other on the Dow today, where much is riding on how well investors can summon some appetite for buying after a tough week for stocks.
If the Dow stretches its losing streak to nine sessions, that would match the longest such run since 1978, according to the WSJ Market Data Group. The broader index may just escape that fate, thanks to climbing oil prices, and itâs certainly looking chipper today â though that hard-to-call OPEC meeting could quickly turn things on a dime.
Staying positive these days is tough â it is summer and an election year, and those trade-war flies are getting harder and harder to swat away. But as investors keep pulling money out of stocks, that may make it the perfect time to dive in, says our call of the day from Bank of America Merrill Lynch.
The bankâs Bull & Bear Indicator has hit a two-year low and is âmoving toward a summer buy signal,â say those strategists in the latest âFlow Showâ update for clients. Hereâs that gauge, which made it all the way over to âextreme bullishâ in February.
The above gauge is at 2.9, leaning toward âextreme bearish.â The bank says watch for these buy triggers: further outflows from riskier assets; a clear break in the S&P 500 below the key 2,650 level; and weak June payrolls data that could âtake a Fed hike or two off the table.â
Wall Street veteran Byron Wien says he does indeed expect his bullish view to be tested this summer, owing to midterms and a historically painful July for stocks.
âThe summer months may be rough, but we are optimistic for year-end and stick with our S&P 500 target of 3,000,â Wien, vice chairman of Blackstoneâs private wealth solutions group, tells investors in an update.
Note, though, that Wien said basically the same basic thing last summer â hang on and shoot for 3,000. Last year, the S&P ended at 2,673.61 with a 19.4% gain for the year.
and Nasdaq futures
Â are showing signs of a rebound. On Thursday, the Dow
logged its eighth-straight loss, the S&P
Â had its biggest drop since May 31 and the Nasdaq
notched its biggest one-day percentage fall since April 24.
Â is leading the way higher in Europe
Â on a deal that will help end its bailout. Asia
saw a mostly weaker session.
Check out the Market Snapshot column for more.
Oil is a worthy chart of the day, as the commodity has been put through its paces recently. For the week, Brent is up just 0.5%. But itâs more than 10% higher, year to date.
Crude has been climbing overnight after signs of friction between Saudi Arabia and Iran at the OPEC summit in Vienna. The Saudis and Russia â the worldâs largest oil producers â have pushed for an increase in production to be agreed, with the former reportedly having floated the idea of a one-million-barrel-a-day hike among fellow OPEC members.
âAnything less than a million barrels per day is seen as supportive of prices,â said John Driscoll, chief strategist at Singapore-based JTD Energy.
But, after showing some signs of warming to the idea, Iran set its face against an output hike, reportedly saying the technical discussions were ânot good.â
Now the horse-trading really begins, with the decision on deal or no deal expected Saturday.
Read: What time is the OPEC meeting?
Opinion: The politics of the Middle East arenât just about religion any more
shares are tanking after the software maker put out a gloomy outlook.
Â continues its acquisition streak, buying a fraud prevention startup for $120 million. Meanwhile, Amazon
Â sellers are holding their breath over an internet tax ruling that could make their lives pretty tough.
On the persistent trade-war beat, todayâs the day the EU has promised to start placing tariffs on $3.2 billion worth of goods from the U.S. Thatâs in response to U.S. tariffs on aluminum and steel imports. Agricultural goods and other U.S. products will also be hit with levies.
Greeceâs eurozone partners on Friday cleared the way for the country to exit its third bailout program in August, to end an eight-year stretch of financial help. But that may not be the end of the drama.
Â supplier Foxconn
Â told shareholders Friday that its biggest challenge is dealing with the potential U.S.-China trade war.
Â will close more than a dozen solar installation facilities across nine states, as part of job cuts announced last week. Meanwhile, a battle between Tesla and a former employee continues to heat up.
Â -owned ABC has announced a âRoseanneâ spinoff, but wonât be bringing the fired leading lady back.
Read: How AMCâs new subscription service compares to MoviePass and its competitors
On the economic docket, Markit manufacturing and services PMIs are due this morning.
ESPN reporter finds a way around an NBA ban on draft spoilers
Some dirty rats break into ATM, eat $18,000 in cash.
Pulitzer Prize-winning conservative columnist Charles Krauthammer dead at 68
The ultimate guide to living frugally
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