Morning all
Thanks Weekend crew
SPI: -24 @ 5396
XJO Friday: +57 @ 5431
Stocks pulled back on Friday as a relief rally over the Federal Reserve'sreluctance to raise interest rates ran out of steam.
The S&P 500 was down 0.6%, the Dow Jones Industrial Average fell 0.7%, and the Nasdaq slipped 0.6%.
Technical analyst Guy Ortmann noted that some oscillators "have crept into overbought territory, causing us to temper our enthusiasm for the near term."
Crude oil prices slumped on Friday after the Fed made moves to curtail banks' involvement in the commodities market. The central bank cited legal and financial risks as reason for banks to refrain from trading in physical commodities.
Earlier hopes for a production freeze agreement among OPEC also faded. An agreement is unlikely to come out next week, when OPEC members meet when attending the International Energy Forum in Algeria, sources told Bloomberg. Earlier, a Reuters report suggested Saudi Arabia was willing to reduce oil output if Iran freezes its own this year.
Oil extended losses after a weekly reading on drilling activity in the U.S. showed an increase. The number of active oil rigs in the U.S. climbed by two to 418 in the past week, according to Baker Hughes data. 1
West Texas Intermediate crude oil fell 4% to $44.48 a barrel on Friday.
Copper: + .43%
Nickel: + .49%
Zinc: - .39%
Aluminium: + .53%
Gold: $1338
HUI: -3%
AUD Gold: $1756
AUD: .7616
Have a good day
Sources:
1 The Street
