1) Oil prices are falling over fears of global demand declining. Fears that global economic growth is shrinking coupled with ample global supplies of oil are pushing oil prices down. Additionally, there are fears that an economically damaging no-deal Brexit may cause further economic slowdown internationally. Oil prices serve as an economic bellwether of overall world economic health, higher prices indicating strong economies causing increase demand for oil world wide.
2) Four drug companies have reached a settlement to avoid a trial. The litigation stemmed from claims that the four companies fueled the opioid crisis, but details of the settlement have not be announced yet. The drug companies are McKesson Corp., Cardinal Health Inc., AmerisourceBergen Corp. and Teva Pharmaceutical Industries Ltd.
3) Bank of America announced that any customer of its retail banking loyalty program will now get unlimited free trades for stocks, ETFs and options. The banking giant joins others in a brokerage war of unlimited free trades for preferred members, which include Robinhood, J.P. Morgan Chase, Charles Schwab, E-Trade and TD Ameritrade.
4) Stock market closings for – 21 OCT 19:
Dow 26,827.64 up 57.44
Nasdaq 8,162.99 up 73.44
S&P 500 3,006.72 up 20.52
10 Year Yield: up at 1.79%
Oil: down at $53.56