Diamonds and Dogs


More pain at the pump. Chevron (CVX) and Exxon (XOM) both made new 52 weeks highs as the price of oil hit $120 a barrel, the highest level since March, after European Union leaders agreed to a partial ban on Russian oil imports. EU leaders agreed on Monday to cut most oil imports from Russia by the end of 2022 as part of new sanctions on Moscow in the wake of its invasion of Ukraine. The ban will cover Russian oil brought by sea, allowing a temporary exemption for oil delivered from Russia by pipeline.

Retail taking a hit. American Eagle (AEO) is down 8% on a downgrade following lackluster earnings and a dismal outlook. Gap (GPS) is down 4% today after taking a hit last week following bad earnings. The analyst at Morgan Stanley downgraded American Eagle saying shoppers are shunning casual apparel.

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