(Bloomberg) -- The narrowing group of winners in the S&P 500 doesn’t bode well for the future performance of U.S. stocks, according to Goldman Sachs Group Inc.The U.S. benchmark is around 17% below its February record, but the median stock trades 28% from its peak, Goldman strategists including David Kostin wrote in a note Friday. Meanwhile, the five largest companies make up 20% of the gauge’s market capitalization, exceeding the 18% level the measure reached in March 2000 and raising investor concerns about narrow market breadth, they said.“Sharp declines in market breadth in the past have often signaled large market drawdowns,” the strategists wrote. “Narrow breadth can last for extended periods, but past episodes have signaled below-average market returns and eventual momentum reversals.”Breadth narrowed ahead of the recessions in 1990 and 2008, in the tech bubble, and during the economic slowdowns of 2011 and 2016, according to the note. In the...
Apr.26 -- Speculation about North Korean leader Kim Jong Un’s health intensified over the weekend following tantalizing -- yet unverified -- reports. Stephen Engle reports on "Bloomberg Daybreak: Australia."...
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. West Texas Intermediate June futures fell $2.05, or 12.1%, to $14.89 a barrel by 0638 GMT, while Brent crude was down $1.08, or 5.0%, at $20.36 a barrel....
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. West Texas Intermediate June futures fell $1.49, or 8.8%, to $15.45 a barrel by 0452 GMT, while Brent crude was down 44 cents, or 2.1%, at $21.00 a barrel....
