This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOL) closed down 0.2% on Tuesday, its third straight day of losses, after the US Bureau of Labor Statistics reported fewer job losses in October and more job gains in November, but unemployment and underemployment rose. As Wednesday gets under way, however, the market looks poised for a turnaround and is up 0.3% pre-market.
What is moving the market today? Well, the Trump Administration’s announcement yesterday of a “total and complete” blockade against sanctioned oil tankers trying to visit or leave Venezuelan ports is certainly a big part of it. Oilprice.com reports a 1.5% increase in the prices of both WTI and Brent crude, the international benchmark.
WTI is over $56 a barrel today, and Brent is nearly $60, and those prices could continue to rise. CNBC reports that the shutdown “could affect 0.4 to 0.5 million barrels of oil per day, increasing prices by $1 to $2 per barrel.”
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President Trump announced the blockade of sanctioned oil tankers calling at port in Venezuela.
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China is revoking lithium mining permits, driving up prices of the white metal.
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In other news, Oracle (NYSE: ORCL) shares are under pressure this morning after The Financial Times reported that Blue Owl Capital will not support a $10 billion deal for Oracle to build a new data center in Michigan, in support of Oracle’s data processing contract with OpenAI.
The AI bubble hasn’t exactly popped yet, but it appears to be seeing some pressure this morning, with Oracle shares down 2% pre-market.
Meanwhile, in China, a report that the government will revoke lithium mining permits is giving shares of global lithium miners a lift, on concerns of a supply crunch. Shares of Sociedad Química y Minera de Chile SA (NYSE: Sq) are up nearly 5% this morning and Albemarle (NYSE: ALB) is up nearly 4% ahead of the market.
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