Stocks hover near records as oil hits 6-year high

FAN Editor

U.S. stock futures were little changed as oil prices surged to a more than six-year high. 

Dow Jones Industrial Average futures fell 38 points, or 0.11%, while S&P 500 futures slipped 0.05% and Nasdaq 100 futures edged up 0.12%. All three major indexes closed at record highs on Friday. 

The choppy trading session comes as West Texas Intermediate crude oil spiked $1.29 to $76.45 a barrel, the highest since November 2014, after production talks between OPEC and its allies broke down. The rift in the group comes as the United Arab Emirates, the world’s fourth-largest producer, declined Saudi Arabia’s deal to raise output, instead wanting to pump out more of its oil under any agreement.  


In stocks, oil related-companies, including Chevron Corp., Halliburton Corp. and Occidental Petroleum Corp., were all higher on higher crude prices. 

Elsewhere, Didi Global Corp. was sharply lower after Chinese regulators said new users in the country could not download the app before a cybersecurity review of the company was completed. Shares had fallen 6.73% during the first three days of trading. 

Other Chinese companies, like Alibaba Group Holdings, Baidu Inc. and Nio, were all trading lower amid concerns of a wide-reaching crackdown by the Chinese government. 

Meanwhile, Amazon Inc. founder Jeff Bezos stepped down as CEO on Monday, 27 years after founding the company. Bezos, who is now executive chairman, will be replaced by cloud-computing chief Andy Jassy. 

The effectiveness of Pfizer Inc.’s COVID-19 vaccine has fallen to 64% since June 6, Israel said on Monday. Still, the vaccine has 95% protection against serious illness and preventing hospitalization.


Overseas markets were broadly lower. 

Germany’s DAX paced the decline in Europe, trading down 0.35% while France’s CAC and Britain’s FTSE 100 lost 0.28% and 0.18%, respectively. 

In Asia, Hong Kong’s Hang Seng index slipped 0.25%, China’s Shanghai Composite fell 0.12% and Japan’s Nikkei 225 ticked up 0.16%. 

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