As Trading Outage Affects Stocks, Monthly Loss is Anticipated – Europe Market Wrap
The S&P 500 was on course for its first monthly loss since April before a technical outage at the CME disrupted trading.
Futures for the US benchmark were little changed before the malfunction started. A data-center fault affected multiple markets, including crude oil and Treasury futures. The issue has already run longer than a similar outage caused by a technical error in 2019.
Single stocks traded without incident in the premarket. Alphabet rose more than 1%, while Amazon also firmed as Black Friday shopping moved into full swing.
In commodities, oil was on course for a fourth monthly fall as traders anticipated this weekend’s OPEC+ meeting and assessed how a potential Ukraine peace agreement would affect an already oversupplied market. Brent remained above $63 per barrel following a small increase on Thursday.
Gold traders experienced a tumultuous session as the CME outage spread throughout trading. The outage impacted activity across multiple products, including gold futures and Comex options, which are frequently used to hedge exposure to London prices. Spot bullion rose as much as 0.9% before retreating as the situation unfolded.
