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Morning Market Roundup: So … Sequester?

Mar. 4, 2013 9:41am Becket Adams

Here’s what’s shaking. Let’s see how that dreaded sequester has affected markets:

Stocks:

Morning Market Roundup: So ... Sequester?

Getty Images

U.S. stock futures are following a sell-off in China after it put into place new measures to slow a white-hot housing market.

Dow Jones industrial futures fell 20 points to 14,054 Monday. The broader S&P futures have lost 1.7 points to 1,514.80. Nasdaq futures are down 7 points to 2,741.75.

China announced taxes on housing profits that will weigh on overall housing prices.

The U.S. is already seeing major industries affected by the debt crisis in Europe and a cooling economy in China, the world’s second largest economy, would be felt here.

Huh. Nothing on sequestration.

Oil:

Getty Images

The price of oil hovered below $91 a barrel on Monday, a notable dip from last month’s figures.

By early afternoon in Europe, benchmark oil for April delivery was up 6 cents to $90.74 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract fell $1.37 to close at $90.68 a barrel on the Nymex, its lowest close this year. Earlier on Monday, it slipped as low as $90.09 before recovering.

While a month ago the Nymex contract was close to exceeding $100 a barrel, analysts said prices could continue to slide.

“Looking at oil market fundamentals, the demand for crude, due to elevated maintenance activity at refineries, will stay near or at seasonal lows for the coming weeks, which would, in the short-term, favor an extension to the downside,” said a report from JBC Energy in Vienna.

“The biggest risks to the upside stem from the geopolitical side as well as the remote possibility that a move to new all-time highs in the main U.S. equity indices could spark a broader speculative rally.”

Speculative investors have been reducing positions betting on rising prices, also weighing on prices.

Brent crude, used to price many kinds of oil imported by U.S. refineries, was up 13 cents to $110.53 a barrel on the ICE Futures exchange in London.

Markets:

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The AP contributed to this report. Featured image courtesy Getty Images.

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Comments (16)

lel2007
Posted on March 4, 2013 at 11:05am
***** and his gang of steadfast repubs are already taking about throwing in the towel, allowing tax increases in exchange for even more spending increases. Boy-O-boy, did they pound obama and the senate into submission, eh?

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- JRook
  Posted on March 4, 2013 at 1:36pm
  even the worst of the neophytes understand that sequestration was baked into the markets weeks ago.
  
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Fubared
Posted on March 4, 2013 at 10:43am
Like the dude says, don’t take his word or any one source…
http://www.zerohedge.com/contributed/2013-03-04/while-stocks-soar-towards-new-highs-sophisticated-investors-are-already-prepp

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jedoug3d
Posted on March 4, 2013 at 10:42am
Our new currency is the Furlough. How many Furlough days did the 2700 Armored Vehicles cost? Or the bullets, or the drones, or the robotic squirrels? The 20% DOD civilian paycut is 100% the decision of the POTUS.

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DougHuffman
Posted on March 4, 2013 at 10:15am
Sequester except for Department of Homeland Severity complaining that TSA is already suffering shortages except for ordering 2,700 armored vehicles, oh and nearly TWO BILLION rounds of anti-personnel ammunition.

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- Outlaw_Josey_Wales
  Posted on March 4, 2013 at 10:55am
  I’m going over to the War Surplus Store, just look around, kick the tires on a couple of armored vehicles.
  
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civilwarcometh
Posted on March 4, 2013 at 10:03am
I see the blaze took down a post here. Censorship and control?? Oh and is wasn’t mine and it wasn’t a filthy rant either. apparently if they don’t like your opinion they just silence you…

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Budrow
Posted on March 4, 2013 at 9:53am
The Blaze could one day be a real news channel if they would hire something more than inexperienced children to write their articles and stop sensationalizing headlines and baiting stories.

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Cavallo
Posted on March 4, 2013 at 9:52am
Also, the CBO reports that the US has NEVER EVER EVER brought in, in taxes, more revenue than it will in 2013.. but we don’t have a spending problem, right? The only thing that is keeping us afloat is the Fed ordering the treasury to print money. 85 Billion is a drop in an ocean sea of red ink. Just wait until the rest of BoboCare rapes the budget and saddles us with 6.2 TRILLION more in debt, as well as gutting the healthcare industry. I hope you are staying healthy and eating your veggies.

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- huey6367
  Posted on March 4, 2013 at 10:05am
  Did ya hear about this case involving Bobocare? It was determined that Bobocare is a tax. The problem is, Bobocare originated in the Senate and all revenue bills must originate in the House. So sayeth the Constitution.
  
  Point is, there is still a chance to get rid of that monstrosity. And a good one.
  
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- Cavallo
  Posted on March 4, 2013 at 10:44am
  I can’t say that I will hold my breath. More and more I have jaded proof that we are a system of men ruling men, rather than men governed by laws and agreed procedures.
  
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- Outlaw_Josey_Wales
  Posted on March 4, 2013 at 10:48am
  The United States government had a deficit of $1.5 trillion a year for the last 4 years. $1.5 trillion is about 10% of GDP, our GDP has icreased about 2-3% a year over the last 4 years. Deficit spending has been propping up our broken economy for the last 4 years. If the economy tanks because we slowed spending by $85 billion, we will be in big big trouble, borrow and spend till a complete collaspe of the economy.
  
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huey6367
Posted on March 4, 2013 at 9:46am
So no real effects from the sequester. Thanks Obama for scaring the hell out of people. Just like a good leader would do.

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BaldingEagle1776
Posted on March 4, 2013 at 9:45am
Listening to Beck on the air right now trying to make the case that The Blaze is “news!” Oh, just the “truth,” he says. He says, “oh pretty please Fox isn’t enough, we want to be back on TV too!”

#IWantTheBlazeBecause I love to laugh at people who buy into this stuff!

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- willbedone
  Posted on March 4, 2013 at 9:52am
  HorsePuckey!
  
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- Fubared
  Posted on March 4, 2013 at 10:41am
  What stuff bald beagle? Explain
  
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