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BNO / Rise in oil prices 'largely ignored' by the market: Analyst

Rise in oil prices 'largely ignored' by the market: Analyst
Stocks are lower following the start of the United Auto Workers strike against the Big Three automakers, Ford (F), General Motors (GM), and Stellantis (STLA), and the upcoming Federal Reserve meeting. IG North America CEO JJ Kinahan joins Yahoo Finance Live anchor Rachelle Akuffo to discuss some the factors impacting the economy. Crude oil (CL=F) hit over $90 per barrel this week. Kinahan says the rise in oil prices has “been largely ignored… by the market for the last couple of weeks.” “There's nothing that quickly gets into people's pocketbooks faster than the price of crude oil through gasoline, et cetera,” Kinahan adds. “Something people have to keep on the radar,” Kinahan notes, “is the fact that the dollar has been incredibly strong overall.” Kinahan explains that something you're going to start to hear in the upcoming earnings season is that “the cost for companies overseas to buy U.S. products is going to go up pretty significantly” so the U.S. dollar's (DX-Y.NYB) strength may start “to weigh in to sales overall,” Kinahan says, particularly on the tech side. Read More
Posted: Sep 15 2023, 14:59
Author Name: Yahoo Finance
Views: 112551

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