Market Watch: July 9
Big Picture
Equities weaker following the holiday long weekend
U.S. stocks were closed on Monday for the Independence Day holiday.
International equities were lower as the dispute between Saudi Arabia and the United Arab Emirates remains unresolved, increasing uncertainty whether the Organization for Petroleum Exporting Countries and their allies (OPEC+) will pump more crude to ease an inflationary price surge or allow crude to extend its rally. Under the new quota it is seeking, the UAE wants to boost its output by almost 700,000 barrels a day. In absence of an agreement, Saudi Prince Abdulaziz said there is a fall-back deal in place under which oil output does not increase in August or the rest of the year, potentially risking an inflationary oil price spike.