Energy-Weighed Oil Slump Stumbles Stocks – Europe Market Wrap
European equities and US futures fell after crude oil prices fell sharply, dragging down energy sectors after Israel dropped its threat to target Iranian energy installations.
The Stoxx 600 index fell 0.2%, reversing its earlier rise. TotalEnergies declined 4.2%, while BP fell 4.4%. Brent crude prices fell below $75 per barrel after the Washington Post reported that Israel did not intend to strike Iranian oil or nuclear facilities. Meanwhile, the IEA predicted a supply excess next year.
US market futures were trading lower as the S&P 500 reached its 46th record high in 2024. Nasdaq 100 contracts fell 0.2%. Nvidia and Advanced Micro Devices dipped in premarket trading after reports that that Biden administration officials were discussing restricting shipments of advanced AI processors to some countries.
According to BofA strategists, a first batch of Q3 financial data released last week demonstrated that Corporate America is benefiting from lower interest rates early in the Fed’s easing cycle.
