OPEC is set to maintain its output quota, despite turmoil among OPEC members, as well as adequate oil global supplies. OPEC is currently holding its annual meeting in Vienna, Austria.
“OPEC has opted to maintain its 30 million barrel a day quota. This supply quota has not seemed to disrupt or impact oil prices,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 1.65% since Friday’s close. Year-to-date performance for the index is up 10% after being up above 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was up 3.52% as of noon on Wednesday. The price of gold is currently $1,261 per ounce, up $9 this week.
- PHLX OIL SERVICE SECTOR (OSX) was down 0.33% as of noon on Wednesday. The price of oil is currently $105 per barrel, up $2 this week.
INDEX TO WATCH
- Buybacks have been a hot topic, as they offer another means of shareholder returns outside of dividends. Track the international buyback space by monitoring the NASDAQ International BuyBack Achievers Index (DRBXUS). The index conducts its annual evaluation, which becomes effective after the close of trading on the last trading day in July. The index is down 0.09% this week but up 5.60% year-to-date.