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.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...