Tech investors on Wall Street are breathing a sigh of relief today. That’s thanks to better-than-expected new earnings data from Palo Alto Networks – the world’s largest cybersecurity firm by market cap. Analysts had feared the cybersecurity industry was in a downturn after other firms posted downbeat earnings.
Oil prices are moving higher this morning, as investors weigh tightening supply from OPEC+ production cuts against renewed concerns about global demand growth. The US benchmark – West Texas Intermediate – is up close to 1-percent, hovering around $82 per barrel. Last week, fears of China’s sluggish recovery led oil prices to snap a 7-week winning streak.
Meanwhile on Wall Street, futures are higher as the major indexes are trying to snap a losing streak. It’s three straight weekly declines for both the Nasdaq and S&P 500 – their longest skids since the winter.
