Stock market news: Dow drops, oil hits lowest level in over a year
- Stocks fell Friday amid concerns about ongoing trade tensions and economic growth.
- Oil hit its lowest level since late 2019 ahead of an OPEC meeting December 6.
- Trading volume was expected to be lighter Friday due to the Thanksgiving holiday.
Stocks fell Friday as technology shares continued to slip and after oil prices hit their lowest levels in more than a year as Wall Street worried about ongoing trade tensions and the prospect of slowing economic growth around the world.
The Dow Jones Industrial Average slid 0.4%, or about 100 points, and the S&P 500 shed 0.3%. The Nasdaq Composite was mostly flat, keeping the index on track for its largest weekly decline in eight months. Retail shares found some relief, however, with the SPDR S&P Retail ETF up 0.34%.
Trade-sensitive stocks were lower, with Boeing down 0.5% and Caterpillar off by more than 1%. Proposed tariff escalations will be on the line as President Donald Trump meets with Chinese leader Xi Jinping at a multilateral summit in Argentina November 30 and December 1.
"The overall market mood remains cautious with investors on guard, and this sentiment continues to be reflected across global equity markets," said Lukman Otunuga, a research analyst at FXTM. "With a strong sense of anticipation mounting ahead of the G20 summit next week, Wall Street may trade lower as investors stroll to the side lines."
Oil plummeted deeper into bear-market territory, hitting its lowest level in more than a year as investors fretted over the prospect of oversupply and dampened demand. West Texas Intermediate was just above per barrel, and Brent slid below a barrel. Energy stocks, including Chevron (-3%) and ExxonMobil (-2.5%), sank on the back of the decline.
Crude prices have shed more than 20% since the beginning of November, when the Trump administration announced exceptions to oil sanctions against Iran. Investors are awaiting a meeting between OPEC and other countries led by Russia on December 6, where the cartel will decide whether to cut coordinated output levels.
Treasury yields fell as investors moved toward the relative safety of US government bonds, with the 10-year yield down 2.6 basis points to 3.035%. The dollar, meanwhile, jumped 0.34% against a basket of peers.
Trading volume was expected to be lighter Friday, with the stock market scheduled to close at 1 p.m. ET. It had been closed Thursday for Thanksgiving.
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