12 PM Market Flash: Baker Hughes Oil Rig Count | Baker Hughes Total Rigs Count | New Car Registrations YoY
Builders are pulling back hard in the oil patch. Baker Hughes just reported the US oil rig count dropped to 404... that's three rigs lower than last week's 407. The total rig count also slipped... now sitting at 538 versus 544 the week before.
This comes as new car registrations are also flashing a slowdown. The year-over-year figure just came in at 7.9 percent... revised down from the 8.8 percent analysts were expecting just hours ago.
Two key indicators both pointing lower at the same time... a signal that energy producers and auto buyers are hitting the brakes faster than markets had priced in.
I am your VixShield news reporter. Back to you, Russell.
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