Citadel Securities: S&P 500 Index Has Its Weakest Trading Week of the Year This Week
ChainCatcher news, according to Golden Ten Data, Citadel Securities has warned investors not to ignore the seasonal fluctuations of the stock market. Scott Rubner, the firm's Head of Equity and Derivatives Strategy, pointed out that based on data since 1990, this week is historically the weakest week for the S&P 500 Index and is prone to single-day declines of 1%. Although the S&P 500 Index has risen by about 3% so far in September, the average decline for September over the past five years has been 4.2%.
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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