Futures Unchanged, Europe Lifted by Energy Stocks

According to the ETF Finder at ETF Channel, V makes up 6.46% of the iShares U.S. Financial Services ETF (IYG) which is trading up by about 0.4% on the day Monday.

Oil stocks such as BP and Royal Dutch Shell recovered as oil prices edged away from multi-year lows on Tuesday. In comparison, the Dow Jones Industrial Average dropped 367.39 points Friday to 17,128.45, or 6.5% below its May 19, 2015 record close of 18,312.39. Brent crude, which is used to price worldwide oils, was down 53 cents, or 1.4 percent, to $36.35 a barrel.

The Nasdaq is up 232.87 points, or 4.9 percent. Monday’s rally renewed hopes that a late-year rally could ensue and give the Dow and the broader Standard & Poor’s 500 stock index a shot at climbing back into positive territory for the year.

Energy stocks continued to fade as a result, making it the only part of the S&P 500 that was lower. ConocoPhillips fell 93 cents, or 2 percent, to $44.99.

“Friday’s sell-off underscores the difficulty the USA stock market now has in playing its traditional role as leader of world market rallies”.

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“Today’s calendar is relatively light, and with liquidity getting thinner over the course of the week, the potential for exaggerated moves is very real”, said Chris Beauchamp, senior market analyst at IG.

CURRENCIES: The dollar fell against the euro to $1.0924 while the dollar was mostly unchanged against the yen at $121.07. Apple rose 1.2 per cent as it reached an agreement with Swedish telecoms giant Ericsson to settle several patent disputes.

Information for this article was contributed by Dani Burger of Bloomberg News.