Stock Market Update | Thursday 06/10/2022

OPEC+ will reduce production by 2 million barrels a day in an attempt to boost oil prices

3 min readOct 6, 2022

Wall Street ended the day down 0.2% after two strong days. This is partly because interest rates are rising, which makes investors nervous.
Oil companies did well today, because it was announced that there will be higher than expected production cuts. This caused the price of oil to go up. Other sectors that did not do well today include utilities and commodity producers.
This week is mostly dominated by the US labor market. Yesterday it was reported that the US private sector created 208,000 jobs. This is slightly above expectations.
In Europe, the manufacturing and service sectors are in contraction mode. This means that the economy is shrinking. From the energy market, we remember that gas is flowing towards Italy.
The European gas price climbed slightly to €175.4 per MWh.

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