Oil prices fall as EU suspends ban on Russian crude, Rivian stock falls despite bullish rating
Yahoo Finance’s Ines Ferré explains how stocks and commodities trade.
INES FERRE: And Brian, just starting with commodities, I want to point out that WTI oil is down about 2%. We are also watching the drop in Brent as the EU is now suspending a ban on Russian crude. Germany, however, says it will reduce its energy purchases from Moscow. Also taking a look at the sector action, as you just mentioned the 10-year yield pushing towards that 2.5% level, you can see that financials are leading right now.
And if we take a look at where we expect sector action on a five-day chart for the week, energy and materials are in the green for the week. Also keeping that five-day chart where we’re about to end, for the NASDAQ 100, you can see the gains here on some of these mega cap names. We are also looking at the electric vehicle space. It’s a weekly chart, but taking a look at the intraday chart for the year, Rivian is down 2%. Morgan Stanley’s Adam Jonas, however, comes out with a bullish rating on Rivian.
And Chinese names trading here in the United States under pressure. So this recent rally that we saw in March has kind of stalled for now due to further delisting fears and also some earnings concerns. I want to point out what’s going on with cannabis stocks, because they’re going up right now. You can see the intraday chart. Tilray up more than 11%. This is above some possible US legislative titles. That’s why you see a lot of green here.
And finally want to report on the Dow, a component of the Dow, Salesforce, down 1%. But Salesforce announces that it will legally change its name, getting rid of the dot com and just Salesforce, Inc, effective April 4.