Chesapeake Energy Corporation (NYSE:CHK), after opening its shares at the price of $5.43, jumped up 1.65% to close at $5.55 for the day. The stock moved on a traded volume of 39,486,713 shares, in comparison to 41,223,147 shares of average trading volume.
On Monday U.S Stocks Update: Prominent investor Jeff Gundlach offered a bearish call on U.S. stocks on Monday at the closely followed Sohn Investment Conference in New York.
Gundlach recommended that investors short — or a bet on a fall in value — the exchange-traded SPDR S&P 500 ETF Trust SPY, -0.02% or SPY, which tracks the S&P 500 index SPX, +0.00% and invest in emerging-market equities. The DoubleLine Capital founder, known for his prowess in fixed-income securities, called out specifically a long bet in the iShares MSCI Emerging Markets ETF EEM, -0.02% Gundlach recommends that trade with 1 times leverage.
On Tuesday Oil Prices Update: Oil prices gave up earlier gains on Tuesday, as concerns over slowing demand and a relentless rise in U.S. crude output undermined the impact of hopes that OPEC-led production cuts could be extended.
Brent crude futures, the international benchmark for oil prices, were at $49.33 per barrel at 0651 GMT on Tuesday, down from a high of $49.60 earlier in the day and near their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.40 per barrel, down from an intra-day high of $46.66 and also little changed from their last settlement.
U.S. crude production has risen by over 10 percent since mid-2016 to 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia.
“That’s making it difficult to drive the stockpiles down to a level OPEC thinks will see prices rise sustainably,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
The 52-week range for the stock is $3.56 and $8.20 and during the previous trading session the stock touched its highest price at $5.59. Its introductory price for the day was $5.43. The stock’s current distance from 20-Day Simple Moving Average (SMA20) is -1.11% where (SMA50) and (SMA200) are 0.49% and -10.25% respectively.