Stocks snapped a four-session winning streak on Wednesday as
U.S.-China trade tensions retook center stage and as crude oil prices tumbled,
weighing on energy shares. The S&P 500 dropped 0.7% to 2774, the Dow Jones
Industrial Average declined 0.9% to 24700, and the Nasdaq Composite slid 0.6%
Today after the close the following companies were scheduled to report earnings: OZRK.
Futures are slightly lower after hours: S&P 500 futures are -0.50 from its fair value of 2,776 and Nasdaq100 futures are -6.00 from fair value of 7,261.
Tomorrow morning, economic reports scheduled to be released include: CPI (08:30am ET, Consensus 0.2%), Core CPI (08:30am ET, Consensus 0.2%), Initial Claims (08:30am ET, Consensus 225K), Continuing Claims (08:30am ET, Consensus NA).
Tomorrow before the open the following: CBSH, DAL.
Looking over at the energy markets:
August Crude Oil futures fell $3.63 (-4.9%) to $70.49/barrel following a bunch of items that hit the market today.
Oil futures dropped today following news of new tariffs, re-opening of oil ports in Libya in the east, strength in dollar index, panic sellers extending initial selling. This all offset the massive draw out of U.S. oil storage, as shown by today's EIA weekly storage data.
The EIA reported petroleum data for the week ended July 6 as follows:
- Crude oil inventories had a draw of 12.6 million barrels
- Gasoline Inventories has a draw of 0.7 millionbarrels
- Distillate Inventories has a build of 4.1 million barrel