Dow Jones jumps on OPEC announcement
Graident Investments senior portfolio manager Mariann Montagne discusses what stocks investors should add to their portfolios amid OPEC’s announcement over raising oil production.
President Trump is preparing a plan that will further ramp up trade concerns with China.
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The plan would bar many Chinese companies from investing in U.S. technology firms, and by blocking additional technology exports to Beijing, according to Dow Jones.
Dow Jones futures were lower by 0.68%. The S&P 500 was down 0.59% and the Nasdaq Composite fell 0.88%.
The Treasury Department would block firms with at least 25% Chinese ownership from buying companies involved in what the White House calls “industrially significant technology.”
In addition, the National Security Council and the Commerce Department are putting together plans for “enhanced” export controls, designed to keep such technologies from being shipped to China, said the people familiar with the proposals.
That news led to China’s Shanghai Composite to reverse early gains to end lower. The index slide 1.1%.
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Hong Kong’s Hang Seng index ended the day falling 1.3%.
Japan’s Nikkei closed down 0.6%, extending recent losses.
In Europe, German business sentiment fell in June. Germany’s DAX fell 1.37%.
London’s FTSE traded lower by 0.93%, and France CAC dropped 0.95%.
The major U.S. stock indexes were mixed Friday, but the Dow snapped its longest losing streak in 15 months amid a surge in oil prices.
The Dow Jones Industrial Average added 119.19 points to 24,580.89, the blue-chip index’s first rally in nine days. The S&P 500 rose 5.12 points to 2,754.88. The Nasdaq Composite was down 20.14 points at 7,692.82.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24580.89 | +119.19 | +0.49% |
| SP500 | S&P 500 | 2754.88 | +5.12 | +0.19% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7692.8175 | -20.13 | -0.26% |
Stocks still posted losses for the week, after concerns of a trade war spooked investors and weighed on corporate stocks that have exposure to international trade.
All eyes were on the Organization of the Petroleum Exporting Countries’ (OPEC) meeting Friday. According to an OPEC source, the oil ministers agreed in principle to a production increase of up to 1 million barrels per day (bpd), or around 1 percent of global supply.
On Monday’s economic calendar, traders will get the latest data on new home sales.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
