Stocks Fall On Higher Oil, Fed Caution
Stocks fell Monday ahead of
tomorrow’s Fed meeting, and oil rose to over $67 as Hurricane Rita heads toward
the Gulf. Natural gas surged to record
highs.
Traders are waiting to see what the Fed will do on Tuesday. Futures are pricing
in a 90% chance of a quarter point increase–the 11th in the cycle. Many expect
a change in the policy statement, emphasizing a murkier outlook for the economy.
OPEC is expected to announce a 2 million
bpd output increase tomorrow.
ExxonMobil
(
XOM |
Quote |
Chart |
News |
PowerRating) gained over 1% but
auto stocks fell. General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) was off over 3%.
Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) beat by 0.19%. Profits rose
32%
Strong Sectors were: Oil
Services
(
OSX |
Quote |
Chart |
News |
PowerRating)
+3.20% Natural
Gas
(
XNGI |
Quote |
Chart |
News |
PowerRating) +2.59%
Oil
(
OIX |
Quote |
Chart |
News |
PowerRating) +2.30%
Weak sectors were:
Airlines
(
XAL |
Quote |
Chart |
News |
PowerRating) +3.36% Retail
(
RLX |
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Chart |
News |
PowerRating)
-1.54% Semis
(
SOX |
Quote |
Chart |
News |
PowerRating) +1.39%
|
|
-85.18 | 10,556.76 |
| -15.09 | 2145.26 | |
| -6.91 | 1231.00 |
Stocks in the news:
EBay
(
EBAY |
Quote |
Chart |
News |
PowerRating) was cut to peer perform at
Bear Stearns.
Overstock.com
(
OSTK |
Quote |
Chart |
News |
PowerRating) said it was
prevented from loading new products onto its website for five weeks due to an IT
upgrade.
Dominion Resources
(
D |
Quote |
Chart |
News |
PowerRating) was upgraded to
Buy at Citigroup.
Brice Wightman