A rather sleepy day before a long weekend on Wall Street as markets finished the week with a mixed day and light trading. The Dow and S&P were both in the red for the majority of the day while the Nasdaq fluctuated between slight gains and losses finishing as the sole major index in the black.
So much for $80 oil? Oil prices fell sharply Friday after energy ministers from Saudi Arabia and Russia confirmed plans to ease production cuts in order to offset supply shortfalls from Venezuela. West Texas Intermediate crude dropped 4% to $67.88 a barrel. Crude prices started sliding late Tuesday and continued in earnest on Wednesday after U.S. crude inventories climbed by 5.8 million barrels to 438.1 million barrels, according to the U.S. Energy Information Administration. Credit Suisse analysts said the build-in inventory was "bearish" compared to expectations of a 2-million-barrel draw. You won't be feeling this particular price hike at the pump this weekend -- that price hike will be for other reasons -- but depending upon how things shape up July 4th the dip in oil could manifest itself at the pump by then if it holds.
Remember when Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report was almost fully dependent on Windows and PC sales? Well, the same worries have risen around the likes of Intel (INTC) - Get Intel Corporation (INTC) Report , Micron (MU) - Get Micron Technology, Inc. (MU) Report and Nvidia (NVDA) - Get NVIDIA Corporation Report regarding their dependence on IT giants such as Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report , HP Enterprise (HPE) - Get Hewlett Packard Enterprise Co. (HPE) Report and IBM (IBM) - Get International Business Machines (IBM) Report . Eric Jhonsa explains that the fear is not well-founded and these chip giants aren't dependent on just one set of clientele. Just as Microsoft's fortunes are much less tied to PC makers than they once were, suppliers of chips and hardware components used within data center gear need to worry much less than they once did about the quarterly sales of major enterprise server, storage and networking hardware vendors. This has much to do with the heavy spending of cloud giants that often aren't keen about buying from traditional enterprise hardware vendors, but do still have quite the need for the chips, adapters, accelerator cards and controller cards made by their suppliers. It also has a bit to do with how industry trends are allowing some chipmakers to grow their enterprise revenue even as broader hardware spending is pressured. Recent earnings reports shine a light on these trends and Jhonsa takes you through them.
This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.
Photo of the day: An impressive deal for Netflix
According to various media reports, former president Barack Obama and his wife, Michelle, were nearing a deal to sign with Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report to produce a series of shows. While details were scant, the news would be huge for Netflix bulls for a simple reason: It underscores their upbeat thesis. What thesis you ask? It's one tied to the notion that Netflix is becoming the modern day Disney (DIS) - Get Walt Disney Company Report with its aggressive push into original content. Read More
Read more from "In Case You Missed It." Sign up here.