3 Mins Ago
U.S. crude oil posts worst month since November ahead of OPEC+ meeting
U.S. crude oil on Friday finished out its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels.
U.S. oil finished May down 6% in its worst performance since November, while global benchmark Brent fell 7.1% this month.
OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Three OPEC+ delegates told CNBC those cuts will likely be prolonged.
“We see no appetite at this juncture to add more barrels to the market and trigger another price move to the downside,” Helima Croft, head of global commodity strategy at RBC Capital Markets, told clients in a note on Wednesday.
— Spencer Kimball
10 Mins Ago
Salesforce poised for worst week since 2011
Salesforce bounced on Friday, but still headed for its worst week in more than a decade.
Shares rallied around 5% on Friday, regaining some ground after tumbling 19.7% in a post-earnings sell-off on Thursday. Thursday’s tumble marked the technology stock’s worst session since 2004.
Even with Friday’s gains, shares are still down nearly 16% on the week. If that holds through closing bell, it would be Salesforce’s worst week since August 2011, when shares dived over 17%.
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Salesforce, 5-day
17 Mins Ago
The Nasdaq roars back in May
Even with today’s 1% drop, it has been a very good month for the Nasdaq Composite. The index has rallied more than 5% in May — outperforming the S&P 500 by more than 2 percentage points. That’s the strongest outperformance by the Nasdaq in a given month since May of last year.
The Nasdaq is also the only major average that has completely erased April’s steep losses. It is up about 1% quarter-to-date, while the S&P 500 is still nearly 1% lower. The Dow has severely underperformed in May (up just 1%) — and it remains nearly 4% or 1,500 points lower for the quarter.
Moderna, Nvidia, Qualcomm and Netflix are all among some of the Nasdaq’s top performers this month, with strong double-digit gains.
— Robert Hum
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