The Brent Delta topside oil platform at Seaton Port in the United Kingdom on May 5, 2017.
Ian Forsythe | Getty Images News | Getty Images
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It feels like 2022 again for the markets. But investors want a fresh start this year.
what you need to know today
- adidas shares fell by 11.64% The company warned that it could lose about 1.2 billion euros ($1.3 billion) in revenue if it could not clear its Yeezy stock. The German sportswear company ended a partnership with Yeh (formerly known as Kanye West), the face of Yeezy, after he made antisemitic comments.
- Supporter With its earnings beat and huge restructuring plan, Disney has been making news lately. but is it wise enter the magic kingdom, Two investors weigh in on the pros and cons of buying the stock.
Bottom-line
A selloff in US markets, rising oil prices and escalating US-China tensions – it looks like we are back to the worst of 2022.
US stocks had a terrible week. The Nasdaq fell 0.61% on Friday, bringing its decline to 2.41% for the week. The Dow gained 0.5% and the S&P gained 0.2%, but they still ended the week lower, with the S&P posting its worst weekly performance in nearly two months.
High energy prices have also returned. The Brent contract for April, which covers oil from Europe’s North Sea, hit $86.39 a barrel, rising more than 8% for the week. US West Texas Intermediate crude futures rose to $79.72 a barrel, up 8.63% for the week – its best since October. Those prices each rose about 2% on Friday after Russia said it would cut oil production next month to retaliate against Western sanctions.
Relations between the US and China are deteriorating. After the US shot down a suspected spy balloon last week, the Commerce Department imposed sanctions on six Chinese aerospace companies supporting China’s spying program. On Sunday, the US military shot down a fourth unidentified object — following a second on Friday and a third on Saturday over the Yukon. While the origin of the items is still unclear, it is increasingly likely that more sanctions will come.
Amid all this, investors are focusing with renewed intensity on the upcoming US Consumer Price Index for January. The numbers will indicate whether we will be forced to re-live the dark days of 2022, or if there is hope in at least one segment of the economy – America’s consumers.
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