New High for S&P 500 – I am starting to think that it could actually continue until the elections!!
Oil prices fell 2% today as OPEC cut its demand forecast for 2024 and 2025, citing weakening global economic conditions. The dip in demand comes as China, the world’s largest oil importer, reported a slump in imports for the fifth consecutive month. A key factor: the growing adoption of electric vehicles (EVs) in China, reducing its reliance on oil.
Despite talks of economic stimulus from China, investors remain skeptical about a strong rebound in demand. Meanwhile, global markets are closely monitoring Middle East tensions, although U.S. military support for Israel has slightly calmed concerns.
