Stocks rose and oil prices dropped after the major world powers reached a deal to stop Iran's nuclear ambitions.
On the heels of a breakthrough deal to convince Iran to stop developing enriched uranium that can be used to make bombs in exchange for easing trade sanctions, oil prices fell. Iran will be allowed to continue to develop a civilian nuclear industry under this plan. Though restrictions on exporting crude oil from Iran are still in place, the European Union has already lifted its ban on insuring Iranian crude shipments on expectations that Iran could soon resume shipping oil. In response to the news, Brent oil futures fell 1.5% to $109.39/barrel and West Texas Intermediate fell 1.27% to $93.64/barrel.
US stocks are poised to extend Friday's all-time highs today. Before the opening bell, Dow
(INDEXDJX:.DJI) futures rose 0.39% to 16,090. The index needs to rise about 1% to match its inflation-adjusted high last seen in 2000. S&P 500
(INDEXSP:.INX) futures were up 0.33% at 1,807.10 and futures on the Nasdaq Composite
(INDEXNASDAQ:.IXIC) gained 0.39% to 3,433.50.
Kicking off a week stuffed with economic data before Thanksgiving, pending home sales will be released at 10 a.m. Economists' consensus is for a 1.1% rise in October after a 5.6% fall in September. The Dallas Federal Reserve's survey of Texas manufacturers for November will be out half an hour later. The business activity index is expected to rise 1.4 points from last month to 5.
(NYSE:SNE) a week before, Microsoft
(NASDAQ:MSFT) managed to sell 1 million of its next-generation consoles within 24 hours of its release. The Xbox One went on sale in 13 countries simultaneously on Friday. The company is expected to sell about 3 million systems by the end of the year.
(NYSE:LGF) struck gold again with The Hunger Games
. The sequel to the first movie generated over $300 million globally, marking the fourth-largest opening weekend sales ever. Shares of the movie company rose 1.6% this morning.
Shares of JC Penney
(NYSE:JCP) were hit hard by an announcement that the retailer will be leaving the S&P 500. When trading closes on Nov. 29, JC Penney will be replaced by Allegion, which will soon spin off from Ingersoll-Rand
(NYSE:IR). Shares of JC Penney were down 1.35% this morning.
No positions in stocks mentioned.
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