Oil powers meeting; Stocks winning streak; NATO summit

1. Oil talks: Oil ministers from OPEC and other major producers will meet in Vienna on Thursday to decide whether to extend production cuts. The coalition agreed to cut supply in November as part of an attempt to push prices higher.
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News: What you need to know about the markets
 
 
Oil powers meeting; Stocks winning streak; NATO summit
By Ivana Kottasová
Thursday, May 25th, 4:57am
 
1. Oil talks: Oil ministers from OPEC and other major producers will meet in Vienna on Thursday to decide whether to extend production cuts.
 
The coalition agreed to cut supply in November as part of an attempt to push prices higher.
 
Analysts expect the deal will be extended. Russia and Saudi Arabia, two key players in the oil market, already agreed to extend the cuts last week.
 
U.S. crude futures have gained 26% since May 4 and were volatile on Thursday morning, trading around $51 per barrel.
 
Higher production in the U.S. means the agreement’s impact will be limited. U.S. producers are not part of the talks.
 
2. Markets winning streak: U.S. stock futures were higher early Thursday, pointing to a sixth consecutive day of gains on Wall Street.
 
Minutes from the U.S. Federal Reserve’s meeting in May, released Wednesday, indicated the central bank may raise rates again in June and start to wind down its stimulus program this year.
 
The Dow Jones industrial average and the Nasdaq gained 0.4% on Wednesday. The S&P 500 added 0.3% to hit a new record high.
 
3. Retail earnings: Sears Holdings, which just two months ago warned that it may not be able to survive, is scheduled to post earnings on Thursday morning.
 
Results are also due out from Abercrombie & Fitch, which is in the midst of selling itself, and Signet Jewelers. Signet shares slumped on Wednesday after Tiffany reported a sales slump.
 
There could be more upbeat news from Best Buy, which is also reporting before the bell. Its stock has jumped 19% this year despite general misery in the retail sector.
 
Costco will follow after the markets close on Thursday.
 
4. Global markets overview: European markets were lower on Thursday. Major Asian markets finished the trading session higher.
 
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5. Earnings and economics: Gamestop and Lions Gate Entertainment are set to release earnings after the close.
 
The U.S. Department of Labor will release data on initial jobless claims at 8:30 a.m. ET.
 
Data on the U.S. trade balance data will come out at the same time.
 
President Trump is attending NATO summit on Thursday. Trump has been critical of the alliance in the past and has been pushing for higher spending by European allies.
 
He has tempered his position recently, saying that NATO is “no longer obsolete.”
 
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Coming this week:
 
 
Thursday — Oil ministers from OPEC nations meet; Earnings from Abercrombie & Fitch, Best Buy and Costco; Facebook founder Mark Zuckerberg gives a commencement speech at Harvard
Friday —
Second estimate of first-quarter U.S. GDP
 
 
 
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