Oil in April is not so stable
Stock futures rose early in the morning after Microsoft and Meta announced their strong quarterly results. The forecasts from the tech giants suggest that the arms race in AI (as well as related spending) is still in full swing.
Around 8:45 a.m. (EST), the Department of Labor commemorated International Workers' Day by announcing an unexpected increase in unemployment benefit claims. Now, would investors be inclined to consider this disappointing news from the perspective of a rate cut? At the beginning of the session, at 9:30 a.m. (EST), the Dow Jones, the S&P 500, and the Nasdaq soared upward. Bitcoin continued to consolidate its position above $96,000.
It is worth noting, with regret, that oil prices have just recorded their worst month since the peak of the global pandemic. Brent crude futures fell 1.76% yesterday, closing near $63 per barrel, 15% lower than in April, marking the largest drop in 30 days since November 2021. Analysts attribute the lower demand to the ongoing trade war.
