NASAQ, DOW Jones, and S&P 500 futures saw a late decline through the evening on Sunday 18/07 . Tesla also released a subscription service for the new “Full Self-Driving” driver assistance program Sunday. This subscription, like many, helps customers avoid paying large sums up-front. Then we saw crude oil futures decline as well following the OPEC+ production deal that came on Sunday.
The share market rally displayed continued weakness at the end of last week’s trade. Apple and other large share cap companies did not provide cover through this episode. The major indexes such as the NASDAQ are beginning to recede.
Energy stocks began to decline in momentum as well today. We observed Callon Petroleum display signs of sell-off to its investors as shares fell Friday. Roku and Nvidia saw a sell-off as well and this undercut short-term averages. Teslashares along with Nvidia and ASML are on IBD Leaderboard, and Roku shares are on the Leaderboard watchlist.
OPEC and big supporters like Russia came to an understanding during an OPEC+ production meeting. The deal was struck to increase output by as much as 400,000 barrels per-month beginning in August. Their goal seems to be to phase out all pandemic-time production cuts by late 2022. The UAE will be granted a larger production baseline as well, as will Iraq, Kuwait, Saudi Arabia, and Russia.
At the beginning of July this year, the UAE stopped an agreement and asked for larger output for itself. Seven days ago Saudi Arabia and the United Arab Emirates came to an agreement on a middle ground. Many OPEC experts from across the globe joined in an online meeting late on Saturday evening last week.
Crude oil futures fell fractionally on Sunday and MetaNews has seen NASAQ, DOW Jones, and S&P 500 futures saw a late decline through the evening on Sunday 18/07 . Tesla also released a subscription service, and catalogued data concerning this trend in oil production and futures reduction.