Here is your recap of various markets for December 10, 2018.
The United States
It was another volatile day for U.S. stocks on Monday. Both the Dow Jones and the S&P 500 finished with small increases on the day (0.14% and 0.18% respectively) after opening with sharp drops. Tech was a large contributor to the swings once again.
Apple headlined the day with a price drop after receiving a sales ban in China on older IPhone models. This stems from Apple’s on going dispute over patents with Qualcomm. They ended up reversing these early pains and finished up 0.66% for the day. This is likely partly due to the IPhone XS, XS Max, and XR being exempt from the ban.
IBM (+1.5%) and Microsoft (+2.64%) also finished with strong gains for the day, helping to push the major U.S. indexes into the green by closing.
Europe continued recent woes, with the Stoxx 600 down 1.87%. This came on the heels of the U.K. vote on a Brexit deal being delayed by Prime Minister Theresa May. The delay puts the likelihood of a deal even further into jeopardy. With the U.K.’s planned departure only 3 months away, more delays put them at further risk of leaving without a deal and having to live with the major economic disruption it would cause.
These Brexit stresses also pushed the pound down as much as 1.5% against the dollar during the day.
On top of this, trade and tariff worries continue to plague the more export-dependent countries of the E.U., with Germany’s DAX index down 1.54%. Germany’s economy is widely dependent on exports, which account for roughly 45% of their GDP.
Oil is feeling downward pressure still, with the Brent global index reaching as low as $59.70 a barrel during the day. Brent finished around $60 a barrel, down from its $62 start.
Oil continues to struggle as investors speculate as to whether or not the agreed OPEC production cuts from this weekend will be able to quell a growing global oil supply. With the U.S. pumping its way into being a net oil exporter at the end of November, analysts are growing more and more skeptical of the cartel’s ability to control global supply and prices.