AP/Ronald Zak
Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Friday, June 22, 2018.
The Dow Jones industrial average ended its eight-day losing streak Friday, lifted by energy stocks amid a crude rally. The dollar fell, and Treasury yields inched higher.
Here is the scoreboard:
Dow Jones industrial average: 24,580.61 +118.91 (+0.49%)
S&P 500: 2,760.56 +10.80 (+0.39%)
- OPEC reached a deal to ease supply cuts. The cartel said it will gradually increase output by a nominal one million barrels per day, which analysts estimate will translate to about 600,000 additional barrels per day hitting the market. Crude rallied more than 5% following the news.
- The EU began enforcing retaliatory tariffs on $3.4 billion worth of US goods. The tariffs, which come after President Donald Trump hit the EU with levies on steel and aluminum imports to the US, target politically-sensitive American goods like bourbon and motorcycles.
- Trump threatened to slap a hefty tariff on EU car imports to the US. Trump wrote in a tweet that if the European Union doesn't "remove" tariffs on the US, his administration could impose a 20% levy on "all of their vehicles coming into the US."
- Signs of weakness are emerging in the Canadian economy. The country's consumer price index flatlined at 2.2% in May, Statistics Canada said ahead of the central bank's July 11 policy meeting. In separate data, retail sales dropped 1.2% last month.
- A private survey showed eurozone business activity picking up in the second quarter. IHS Markit said its purchasing managers' index, which is widely used to measure economic growth, rose 0.7% in June.
- Bitcoin approached its lowest level of the year. It shed more than 7% to $6,221 amid broader pressure on the cryptocurrency market. Ethereum and bitcoin cash both sank about 10% each.
And a look at the upcoming economic calendar:
- OPEC+ continues meetings in Vienna to discuss supply cuts.
- Turkey holds its presidential election.