Bloomberg Market Wrap 7/15: Amazon Shares, Oil, Steel Stocks

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Dive a little bit deeper into the action right now with our markets reporters Abigail why don’t you get us started Romain I’m on Amazon watch because of course it is the first day of the two-day sale that annual prime day sale event for Amazon but I’m watching more so the trillion dollar mark because Amazon almost there similar to earlier last week in the middle of last week when a brief we went above a trillion dollars the same thing last September when the market cap briefly above a trillion dollars in that brutal fourth quarter this year’s huge run-up right now about seven billion dollars away it’ll be interesting to see em as reports come in around the prime day event whether or not it will be enough to push the shares above a trillion dollars Emma Abigail I was watching oil with WTI tumbling below 60 bucks a barrel and suffering its worst loss in about two weeks a couple of reasons for this of course hurricane Mary moving inland allowing drillers to begin reselling production in the Gulf of Mexico but also the long-term outlook for prices was bought more sharply into focus today by data from China economic growth flowing to a three decade low there and of course the unresolved trader dispute continuing to weigh on sentiment it may mean that we could be some time before we see new highs for the oil market that $60 level is a key psychological level and falling below it will be a blow to Bulls remember the last 12 month high for oil came back in October at over 76 dollars a barrel we’re going to break through 60 before we can take aim at 1720 tip I’m taking a look at steel stocks which got a pretty big or interesting bump during the session today this is after the u.s. President Donald Trump said that he would increase u.s. steel usage and as a result we saw the New York Stock Exchange steel index rise just a little bit during that session and we also know that particular stocks there you can see the New York Stock Exchange arca still index rose a little bit during the session but we saw a case still holding up to its highest since July 8th and we saw US steel up by the most since around June 25th during the session which looks like it ended just a little bit but however dirt through out the entire year US Steel is down is because US President Donald Trump’s tariffs on foreign steel have cost us steel the more than five billion dollars and that was a substantial percentage of its market cap Romain

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