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22/ Apr’19

US stocks struggle as Chinese shares fall, oil prices gain

Stocks a buy in this market environment?

SkyBridge Capital Co-CIO Troy Gayeski on the outlook for the U.S. economy and markets.

U.S. stocks struggled Monday as Asian equities fell amid surging oil prices and a slew of American corporate earnings reports this week.

Investors will be watching this week as 12 components of the Dow Jones Industrial Average report earnings and revenue for the first three months of the year. Among corporations reporting are Amazon, United Technologies, Procter & Gamble, Verizon, Boeing, Caterpillar, Microsoft, Facebook and Exxon Mobil.

In addition, 148 corporations in the S&P 500 will post quarterly reports.

Crude oil prices jumped as the U.S. announced Monday that it will not extend waivers to buy Iranian crude oil for five countries –Turkey, South Korea, China, India and Japan — when those waivers expire in early May.

The announcement, made by Secretary of State Mike Pompeo, reflects the White House goal of getting Iranian oil exports to zero.

Crude oil prices promptly surged more than 2 percent to more than $65 per barrel for the first time since November on concerns about how the U.S. termination of Iranian oil waivers will affect global supply.

China’s Shanghai Composite closed down 1.70 percent, the Hang Seng was off 0.54 percent and Japan’s Nikkei 225 edged up 0.08 percent.

European stocks were idle for the Easter holiday.

Note*: News Source from foxbusiness.com