U.S. stock futures were like, down a bit on Sunday night after Wall Street had a pretty good week. The S&P 500 had its longest winning streak in like two decades, which is pretty cool. Futures tied to the S&P 500 fell around 0.4%, while Dow Jones Industrial Average futures and Nasdaq-100 futures were down 0.3% each.
The S&P 500 went up by almost 1.5% on Friday, making it the ninth day in a row that it went up. This winning streak is the longest since November 2004, which is pretty impressive. The Nasdaq Composite, which is all about tech stuff, gained 1.5% on Friday, while the Dow industrials went up by almost 1.4%.
So why are stocks going up so much? Well, people are getting more hopeful about a trade deal between the U.S. and its major trading partners. The Chinese government is talking about maybe starting trade negotiations with the U.S., and there’s a report saying Beijing is open to trade talks. But like, no actual trade deals have been announced yet.
“We do see this run up as being more based on excitement than actual, solid — not just fundamentals, but an actual change,” said Ryan Dykmans, who is like the big boss at Dunham & Associates Investment Counsel.
Coming up this week, Wall Street will be looking at the Federal Reserve’s two-day policy meeting starting on Tuesday. People who trade in Fed funds futures think there’s only a 3.2% chance of a rate cut, according to some tool from the CME Group. But traders will be listening closely to what the Fed says about the economy, especially with all the uncertainty from the trade war.
On the earnings side, On Semiconductor, Tyson Foods, and insurance company Loews are going to talk about how they did in the last quarter on Monday.
And now, onto the oil stuff. U.S. crude oil prices fell more than 4% after OPEC+ decided to produce more oil for a second month. U.S. crude oil futures dropped by $2.49, or 4.27%, to $55.80 a barrel. The global benchmark Brent fell by $2.39, or 3.9%, to $58.90 per barrel. Oil prices have gone down by more than 20% this year.
The group of oil producers, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. This decision comes after they surprised everyone by agreeing to produce more oil in May by the same amount.
In other news, U.S. stock futures were pretty flat on Sunday night. The S&P 500 futures went down by 0.2%, while Dow Jones Industrial Average futures and Nasdaq-100 futures were both 0.2% lower too.
So, yeah, that’s what’s going on with stocks and oil and stuff. Not really sure why this matters, but it’s good to know, I guess. Just keep an eye on things and see how it all plays out.
