S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Rout in Oil Spreads to Global Markets


Author: Nichole Harper
ticker.com
Last Update: 1:33 PM ET December 11 2015

1:30 PM New York City, New York Stocks on Wall Street extended losses as oil and commodities reach new multi-year lows. Retail sales in November suggested sufficient momentum in the economy. S&P 500 index dropped 1.7% and extended weekly fall to 3.5%. European markets dropped more than 2% and dropped as much as 4.5% for the week.

Market indexes on Wall Street extended losses and major indexes declined more than 1.5% after oil deepened losses in the year and yuan in Shanghai dropped to a 4-year low.

Crude oil rout deepened and front month future price declined 2.8% or $1.04 to $35.75 a barrel. The latest price decline was driven by the rising supply worries and oil companies running out of storage space in several key regions of the world.

U.S. retail sales were ahead of expectations after struggling in the previous two months and inventories data were also positive for the GDP calculation.

The seasonally adjusted Producer Price Index in November increased 0.3% after decreasing 0.4% in October and 0.5% in September.

On an unadjusted basis, the index for final demand in November declined 1.1% from a year ago month, the U.S. Department of Labor said.

Retail sales in November adjusted for seasonality and calendar increased 0.2% to $448.1 billion from October and rose 1.4% from a year ago month.

Total retail sales in three months to November increased 1.7% from a year ago period, the Department of Commerce reported.

Separately, the department said inventories at the end of October were unchanged from September to $1,814.5 billion and unchanged from a year ago month.

Sales in October decreased 0.2% to $1,317.7 billion from September and declined 2.7% from a year ago month.

On Wall Street, Tollbooth Strategy Index slumped 143.77 or 1.3% to 10,789.95.

S&P 500 index dropped 36.23 or 1.8% to 2, 015.76 and the Nasdaq Composite Index declined 100 or 2% to 4,945.20.

Crude oil in New York slipped $1.70 to $38.03 a barrel and gold added $3.40 to $1,075.40 an ounce.

U.S. Movers

Adobe Systems Inc (ADBE) jumped 3.7% or $3.18 to $92.14 after the application software developer reported revenues in the fourth-quarter ending on November 27 soared 22.4% from a year ago to $1.31 billion.

Net income in the quarter jumped 152.8% to $222.7 million or 44 cents per diluted share compared to $88.1 million or 17 cents per share from the same quarter last year.

European Markets

European markets continued to decline on Friday on concerns about the global economy amid multi-year lows in commodities, 4-year low in Chinese yuan, and deepening gloom in oil.

Investors remained cautious ahead of the highly anticipated meeting on U.S. interest rate policy next week.

In Germany, inflation rose to 0.4% in November from 0.3% in October, according to Destatis. The data indicates the fastest growth in consumer prices since May 2015.

Wholesale prices continued the downward trend, which started more than two years ago, but the decline rate slowed down to 1.1% on an annual basis, compared with 1.6% in October.

In London trading, FTSE 100 index declined 122.98 or 2% to 5,966.86 and in Frankfurt the DAX index plunged 268.25 or 2.5% to 10,330.54.

In Paris, CAC 40 index dropped 81.66 or 1.8% to 4,553.75.

For the week, FTSE 100 index slumped 4.4% and the DAX index plummeted 3.7% and the CAC 40 index slipped 3.4%.

Aurubis AG plunged 17.6% to 47.71 after the Germany-based copper and precious metals producer reported revenues in the fourth-quarter ending in September plunged 13.9% from a year ago to 2.53 billion.

Net in the quarter swung to a loss from a year ago to 48 million compared to profit of 29 million and diluted loss per share swung to a 1.08 form diluted earnings per share of 0.64.

Standard Chartered Plc dropped 2.9% to 494.10 pence after the U.K.-based financial services provider issued new shares of about 705 million, representing approximately 96.79% to qualifying shareholders at 465 pence per share and raise about $5.1 billion.

Asian Markets

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc