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Oil Craters After Monumental Inventory Build, Biotech Booms Again


Today's financial recap and tomorrow's financial outlook.

Early this morning, energy giant Royal Dutch Shell (RDS) said it would acquire BG Group for $70 billion. According to Bloomberg, this transaction constitutes the largest deal in the oil and gas industry in at least a decade.

The deal sent energy stocks up in early trading. However, at 10:30 a.m., the Department of Energy announced the biggest crude oil inventory build in 14 years. According to analysts at Bespoke Investment Group, current inventory levels are 42% above the average for this time of year.

Crude oil fell 5.6% to $50.93, sending oil stocks down sharply. The Energy Select SPDR fell 0.8%, making energy one of the worst-performing sectors.

Reviews of the highly-anticipated Apple (AAPL) Watch started hitting the wires today. While positive overall, they weren't quite ecstatic and the stock fell 0.3% despite the NASDAQ Composite rising 0.8%.

For the second straight day, biotech stood out within a mixed market. The NASDAQ Biotechnology Index (IBB) rose 3.0%

The S&P 500 waffled back and forth throughout the day, and finished at 2081.90, up 0.3%.

The Fed released its minutes from its March 17-18 meeting.

The minutes showed division among voting FOMC members on the topic of rate hike timing. Some thought economic data trends could support a move towards normalization as early as June, while others see 2016 as a more appropriate time frame.

MBA Mortgage Applications rose 0.4% for the week ending April 3.

The Hong Kong Hang Seng Index was the top performing major global market today, rising 3.8% after opening from a 3-day holiday as money flowed in via the Shanghai-Hong Kong Connect Program.

China's Shanghai Composite also resumed its momentum with a 0.8% gain, and state-side, the iShares China Large-Cap ETF (FXI) shot up an impressive 6.2%.

After the close, Alcoa (AA) reported better than-expected first-quarter earnings. The company also raised its 2015 global aluminum demand growth forecast to +9% from +7%.

Tomorrow's Financial Outlook

Jobless Claims, Wholesale Inventories, and Natural Gas Inventory data will be reported tomorrow.

With Alcoa's report in the bag, earnings season has officially kicked off, and we'll see numbers from Constellation Brands (STZ), Walgreens Boot Alliance (WBA), and PriceSmart (PSMT) on Thursday.

Twitter: @T3Live
No positions in stocks mentioned.
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