Get ready for a volatile week!
On Sunday, OPEC announced they could not reach an agreement, and Saudi Arabia slashed prices initiating an all-out price war. Oil prices plummeted over 20%, achieving a low of $27.00 overnight (currently $31.50).
The 10-Year Treasury yield crashed to 0.38% and is currently trading around 0.46%. Unbelievable!
The S&P 500 futures crashed to new lows and are poised to open -4.89% lower. Futures were halted and trading stopped around midnight.
Gold spiked to $1704.30 amidst this turmoil before getting slammed to $1658 (currently trading around $1678).
Silver prices swung from a high of $17.61 to a low of $16.55 and were down well over 3% before stabilizing, currently trading at $16.85.
The Fed announced they would start injecting liquidity into the markets earlier this morning, due to everything crashing (my words).
Oil stocks are going to get smashed at the open. Exxon is already paying a 7.30% dividend. That could get closer to 10% if prices plummet.
I’ll try to update again later this morning.