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A meeting of major oil producers in Doha over the weekend ended without an agreement to freeze production levels.
Saudi Arabia said it would not make a deal without Iran’s involvement.
That’s left some of OPEC’s 13 members on the brink of disaster.
Crude oilfutures in New Yorkfell about 7% right out of the gate when trading started on Sunday, but have since made a comeback. West Texas Intermediate at midday was down just 0.72% at $41.41 a barrel, while Brent Crude is positive for the day, up 0.26% at $43.21 a barrel.
In banks news, Morgan Stanley reported fourth-quarter earnings on Monday that beat expectations – but profit dropped by more than 50% from a year ago.
“The first quarter was characterized by challenging market conditions and muted client activity,” said CEO James Gorman in a statement. “While we see some signs of market recovery, global uncertainties continue to weigh on investor activity.”
The first quarter is typically the strongest for investment banks, but has been unusually weak this year. JPMorgan, Bank of America, Wells Fargo, and Citi have already reported first-quarter earnings, each beating or matching analyst expectations despite significant declines in profit.
The last of the major banks, Goldman Sachs, is set to report at 7:30 a.m. Tuesday.
Here are the top Wall Street headlines at midday:
The largest IPO of the year opened the door for 3 more deals this week – Three companies are lined up to go public this week, raising some $1.3 billion in total. Bank of America Merrill Lynch is working on all three of the deals.
One Morgan Stanley exec is changing the way athletes think about their money – Drew Hawkins is the global head of the bank’s Global Sports & Entertainment division-a division within Morgan Stanley’s wealth management arm that launched in 2014, and currently manages around $32 billion in client assets.
‘Too big to fail’ banks and the US government are playing an incredibly dangerous game – The eight largest banks in the US are struggling to tell federal regulators just how they would die, and it could be because the two sides are playing a very dangerous game.
Brazil’s president is on the brink of being impeached – President Dilma Rousseff lost an impeachment vote in Brazil’s lower house of Congress on Sunday by a tally of 314 to 110.
A bunch of hedge fund managers got together in a room and talked about how long China has to last – The country, said Anne Stevenson-Yang co-founder of J Capital Research, has 9 months before its currency “reserves are down to a perilous point.”
The IPO market just got what it needs to officially lift off – Bats Global Markets priced the largest deal of the year on Thursday, and it was a huge success.