HomeFinancial MarketsFutures Slip as Oil Loses Ground

Futures Slip as Oil Loses Ground

U.S. stock futures declined on Tuesday morning with oil continuing to lose ground after Saudi Arabia abandoned its expected reduction in oil output. The Saudis previously hinted at an output reduction of one million barrels per day; a move that the OPEC+ members were expected to follow.

Contracts on the S&P 500 slipped by less than 0.1% during early trading, as did those on the tech-heavy Nasdaq Composite Index. Futures listed on the Dow Jones Industrial Average fell by 0.13%.

West Texas Intermediate crude futures slumped 2.5% to $70.36 per barrel after the Saudi’s planned production cut was dismissed. Brent futures fell 2.4% to $74.91 per barrel.

Bonds were also on the decline after the U.S. government issues a wave of Treasury bills as it rebuilds its cash reserves following the debt ceiling deal. The yield on the benchmark 10-year Treasury dropped to 3.66%, with the two-year note falling to 4.44%. The 30-year Treasury note was down to 3.87%. The U.S. dollar recovered slightly, with the dollar index rising to 104.13.

Marriott Projects Revenue Growth Amid Resilient Travel Demand

Marriott International forecasted on Wednesday that 3% to 6% growth in its annualized global revenue per available room for the two years ending 2025 as the...

Dollar and Stocks Steady as Bonds Ease From Record Highs

The U.S. dollar and stocks in New York stabilized on Wednesday, while U.S. Treasury Yields retreated from their 16-year high, easing pressure on the...

New Home Sales Plummet in August

Sales of new U.S. single-family homes plunged in August as the 30-year mortgage rate rose past 7%, thereby discouraging would-be buyers. According to data...