Stocks struggled globally today as the price of oil rose to $108 per barrel. Asia was mixed, while markets declined in Europe. U.S. futures were up this morning following a tech-led selloff on Friday. Nasdaq futures were up strongly before the open in New York—suggesting that traders now believe last week’s dumpster fire was overcooked.
“Things are looking a lot cheerier than they were at the close on Friday. After yet another lurch lower for tech, buyers have once again appeared,” Chris Beauchamp, chief market analyst at trading platform IG, told Fortune.
“Amid all the doom-laden commentary we saw last week, it is easy to forget that the S&P 500 was at a record high just two weeks ago. Last week looks more like a healthy rotation than the beginning of something more dramatic, no matter how much many bearish types would wish it otherwise.”
Factoid: Today is the 39th anniversary of Black Monday, when the Dow Jones fell 22.6% in a single day. Watch a great archive video of the TV evening news on that day here.
