WTI is up over $1.00/bbl, so why are stock prices down?
Posted: Tue Feb 13, 2024 1:51 pm
This is a classic example of "Overall Market Risk". When the DOW is down almost 600 points and the S&P 500 Index is down 70 points, it is difficult for even our profitable Sweet stocks to move higher. Large funds are forced to sell some of the best stocks on days like this. FANG was up a few cents this morning, but now it is down slightly.
Four stocks in the High Yield Income Portfolio are up slightly: BSM, VNOM, HMENF (100% weighted to oil) and PAGP. BSM being up is a bit weird since it is the most heavily weighted to natural gas of the four minerals companies.
Today's selloff is just Fear of The Fed.
Barron's
Worst CPI Day for Stocks Since 2022
By Connor Smith
Stocks were on track for their worst consumer-price index release day since 2022 after the January inflation reading came in hotter than expected.
The Dow Jones Industrial Average was down 434 points, or 1.1%, on pace for its worst CPI release day since Sept. 13, 2022, when it fell 3.9%, according to Dow Jones Market Data.
The S&P 500 was down 1%, which would be its worst post-CPI reaction since it fell 4.3% on Sept. 13, 2022. The Nasdaq Composite was down 1.2%, its worst CPI release day since that same day, when it fell 5.2%.
The Russell 2000 was down 2.6%, on pace for, also its worst post CPI release day since September 2022, when it fell 3.9%.
Consumer prices rose 3.1% year over year in January, compared to expectations at 2.9%. While the hotter-than-expected report has pushed back expectations for rate cuts, it's nowhere near the torrid 8.3% annual pace that prompted the Sept. 13, 2022, slide.
Four stocks in the High Yield Income Portfolio are up slightly: BSM, VNOM, HMENF (100% weighted to oil) and PAGP. BSM being up is a bit weird since it is the most heavily weighted to natural gas of the four minerals companies.
Today's selloff is just Fear of The Fed.
Barron's
Worst CPI Day for Stocks Since 2022
By Connor Smith
Stocks were on track for their worst consumer-price index release day since 2022 after the January inflation reading came in hotter than expected.
The Dow Jones Industrial Average was down 434 points, or 1.1%, on pace for its worst CPI release day since Sept. 13, 2022, when it fell 3.9%, according to Dow Jones Market Data.
The S&P 500 was down 1%, which would be its worst post-CPI reaction since it fell 4.3% on Sept. 13, 2022. The Nasdaq Composite was down 1.2%, its worst CPI release day since that same day, when it fell 5.2%.
The Russell 2000 was down 2.6%, on pace for, also its worst post CPI release day since September 2022, when it fell 3.9%.
Consumer prices rose 3.1% year over year in January, compared to expectations at 2.9%. While the hotter-than-expected report has pushed back expectations for rate cuts, it's nowhere near the torrid 8.3% annual pace that prompted the Sept. 13, 2022, slide.