This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) closed down 0.2% on Tuesday, its third straight day of losses, after the U.S. Bureau of Labor Statistics reported fewer job losses for October, and more jobs gained in November — but unemployment and underemployment both on the rise. As Wednesday dawns, however, the market seems poised for a turnaround and is up 0.3% premarket.
What’s moving the market today? Well, yesterday’s announcement by the Trump Administration of a “total and complete” blockade against sanctioned oil tankers attempting to visit or exit Venezuelan ports is certainly a big part. Oilprice.com is reporting about a 1.5% spike in prices of both WTI crude oil and Brent crude, the international benchmark.
WTI costs more than $56 a barrel today, and Brent nearly $60, and these prices could continue to rise. CNBC reports that the blockade “could potentially impact 0.4-0.5 million barrels of oil per day, lifting prices by $1-2 per barrel.”
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President Trump announced a blockade of sanctioned oil tankers making port in Venezuela.
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China is revoking lithium mining permits, pushing prices of the white metal higher.
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In other news, Oracle (NYSE: ORCL) shares are under pressure this morning after The Financial Times reported that Blue Owl Capital will not support a $10 billion deal for Oracle to build a new data center in Michigan, in support of Oracle’s data processing contract with OpenAI.
The AI bubble hasn’t exactly popped yet, but it does seem to be seeing some pressure this morning, an Oracle shares are down 2% premarket.
Meanwhile in China, a report that the government will revoke mining permits for lithium is giving a lift to shares of global lithium miners, on worries about a supply crunch. Shares of Sociedad Química y Minera de Chile S.A. (NYSE: SQM) are up nearly 5% this morning, and Albemarle (NYSE: ALB) is up nearly 4% premarket.
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