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Oil price surge roils US stock markets, Dow enters correction

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
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It was more of the same overnight for global markets with the surging oil price roiling US stock markets on concerns about the impact it will have on global growth.

The Dow Jones is nearing a technical correction, down 2.4%, but outperforming the S&P 500 and Nasdaq which fell 3.0% and 3.6%, respectively.

The oil price reaching US$140 is the highest since 2008, with the only hope a pick up in supply from the remaining members of OPEC+.

The increase is making the Federal Reserve’s rate hike decision more difficult by the day.

The only winners were limited to the utilities and energy sectors, with the likes of Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) up 6% and 8%, respectively.

Shares in global airlines all fell heavily, with Delta Air Lines (NYSE: DAL) and United Airlines (NASDAQ: UAL) both down double digits.

Elsewhere, Bed Bath & Beyond (NASDAQ: BBBY) was a rare winner, surging 34% after an activist investor initiated a position.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow this negative lead from US stock markets to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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