Selling of crude oil and energy stocks influenced the markets, and they fell fall. Trading volumes saw a low even the bond market was closed on account of Columbus Day. Crude oil dropped by 4% to a low of $47.06 in the West Texas Intermediate. A barrel was sold at $50 last week and the futures slumped with the oil stocks with Chesapeake down by 7% and Transocean down by 8%.
OPEC reported on Monday that 12 members with Saudi Arabia in the lead are gushing oil. Meanwhile, a drop in the US oil output was also predicted by OPEC. This is the first time in eight years this has happened. Even Goldman Sachs reported oil prices may be lower for long in a client note.
The biggest tech deal was announced by Dell, a 67 billion acquisition of the EMC. The shareholders of EMC will receive $24.05 for a stock including tracking stock of VMware. This deal will take Dell into the software-defined data center, converged infrastructure, hybrid cloud, mobile and security and digital transformation.
The shares of Etsy came down by 10% to under 25 cents. This is an all time low. The stocks plunged by 5% on Thursday after the launch of Amazon Handmade a craft marketplace online by Amazon.