Tuesday's Market Minute: US Stocks Slide As Crude Futures Rise

Crude oil futures on the move higher is the primary focus for investors and traders as we begin the holiday-shortened week. WTI light sweet crude traded to six-year highs after OPEC was unable to agree to increase production, which is behind the recent run-up in energy markets. With Goldman calling for $80 crude, B of A said they think we’ll see $100 crude; I’ve got my eye on RBOB Gasoline Futures as they have been leading. In addition to energy prices on the rise this week, we have JOLTS which will be closely watched after last week’s mixed employment report and after last month’s record job openings reported 9.3M.

We also have the ISM Services Index PMI Composite Final, FOMC Minutes, and weekly Jobless Claims to keep an eye on as they could move markets. Also, with the indices closing out last week at or near all-time highs, this week investors and traders will be watching the Russell and the Dow to see if small and large caps will join in.