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Stocks Plunge, Crude Oil Rises

1_STOCKSANDOIL

Global equity markets extended their recent selloff yesterday, with the Dow Jones Industrial Average dropping more than 800 points.

The recent period of sharp declines started last Thursday as investors grew more concerned that China’s strict Covid-19 lockdowns would hurt economic demand while exacerbating already-challenging supply-chain problems, The Wall Street Journal reported.

At the same time, crude oil pricing is rising again, mainly on new concerns about the impact of lower Russian supplies on the world market. Brent Crude traded mostly between $104 and $106 per barrel this morning. West Texas Intermediate was around $101 to $102 per barrel.

The pace of Federal Reserve interest rate increases are an additional worry in the United States, according to reporting in The Wall Street Journal. The Dow has lost more than 5 percent from its intraday peak Thursday. The Nasdaq Composite is down 14 percent in April, its lowest level since December 2020.

Some relief in the stock markets may be on the way, however. The major Chinese index rebounded 2.9 percent today after President Xi Jinping hinted at a commitment to new economic stimulus. U.S. stock futures were higher as trading opened this morning.

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