Oil Breaks Through $30 a Barrel, Global Stocks Selloff on China

Oil prices slumped on Friday and broke below the key $30-a-barrel level, as concerns about Iranian supplies adding to a global surplus kept the market under pressure. Global markets are selling off with the Shanghai Composite now in a bear market, 20% below its high. Intel (INTC) shares are under pressure as its margins are narrowing. Intel sold more data center and internet of things chips in the 4th quarter but gross margin, which measures profitability, slipped. Goldman Sachs (GS) says it will pay $5 billion to resolve several state and federal investigations into its handling of mortgage backed securities in the years leading up to the 2008 financial crisis. Retail sales for December are released today and are expected to dip slightly. Producer Prices are expected to fall in December on lower energy prices. Baker Hughes releases the latest rig count numbers.