Summer Doldrums are Nearly Over
In trading today, the Dow dropped 62.13 points to close out the trading day at 16,370.96. The NASDAQ was down 16.58 points to close at 4,806.76. The S&P 500 was down as well, falling 8.02 points to lead the day in real losses. It closed at 1,953.03.
In overseas trading, markets were mixed.
Electronic Arts (EA) Down Despite Strong SalesFootball season is here, and a new release of Electronic Arts (EA) popular Madden franchise has come with it. This month, the title was the biggest seller across the entire spectrum of video games. For those not familiar, it’s a popular sports game that uses the stats of real players to play out each virtual game. Madden’s bump in sales wasn’t enough to bring EA into the black, though. The video game manufacturer was down a half point today, and ended trading at $68.35 per share.
Oil Continues to Resist Market PressureEven when markets are down, like they were today, the price of oil is seemingly unaffected. Oil is continuing to resist market forces and essentially do what it wants. Today that meant a slight rise despite falling stocks. Energy Minerals as a whole hasn’t acted in this way, and the rest of the commodities market hasn’t been bucking the trend in the same way that crude oil has. It is seemingly unmoored from the greater market forces at play.
One reason that this is the case could be the fact that there is currently a supply bubble built into the price of oil. Bubbles inflate and deflate quickly, and seldom pay attention to the forces of the greater market. Unfortunately for oil and gas companies, crude oil’s bubble has resisted popping, and there’s no telling what will happen when it finally does. We know that $45 isn’t the bottom for a barrel of crude.
Published on Sep 14, 2015By Aaron Phillips