Energy stocks led the broader market lower Wednesday as U.S. crude oil fell below $40 a barrel.
The Dow fell 159 points, or 0.9%, to 17730. The S&P declined 1.1% and the Nasdaq lost 0.6%.
Energy stocks logged the steepest declines in the S&P 500, down 3.1%. Crude slid 4.6% to $39.94 a barrel, settling below $40 for the first time since Aug. 26. Earlier, data showed a big increase in U.S. crude stockpiles, adding to the global glut of crude.
Market participants have said they think an extension of the ECB’s program of QE, along with another interest-rate cut, is all but inevitable at Thursday’s meeting.
With the U.S. Dollar attempting to clear new multi-year highs, emerging markets are getting hit again. Hence my bearishness and new long idea in BZQ which shorts Brazil. You can also take a look at EDZ long too.
I took a bunch of profits today, so your inbox probably overheated with alerts. Please take a look at tonight’s P&L so you can stay updated and watch for any updated stops that were made.
See you in the morning. Have a great night.