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Wall Street’s Decline Impacts European Stock Markets, Oil Companies Shine Brightly

Byeditor

Apr 2, 2024

Wall Street is experiencing a decline due to concerns that central banks will maintain high interest rates for a longer period than anticipated. The energy sector saw an increase, driven by tightening in the oil market. The S&P 500, Dow Jones, and Nasdaq 100 indices all dropped on Tuesday.

There are growing worries that the US Fed and the European Central Bank will not lower key interest rates as quickly as expected. This sentiment also affected European stock markets in the evening. Despite the overall decline, oil and gas companies on Wall Street saw gains due to tensions in the oil market.

Companies such as Phillips 66, Occidental Petroleum, and ExxonMobil were among the top performers on the S&P 500 index. The rise in Phillips 66’s stock may be attributed to plans to convert an oil refinery into renewable fuel production. The prices of US oil (WTI) and global oil (Brent) were also on an upward trend.

Recent events such as Israel’s airstrike on the Iranian embassy in Syria and signals from the Mexican state oil company about potential cuts in crude oil exports have contributed to concerns about oil supply disruptions. In other sectors, health companies like Humana and CVS Health, as well as technology companies like AMD and Nvidia, saw declines in their stocks.

Tesla, an electric car manufacturer, also reported lower shipment volumes in the first quarter of the year, falling below market expectations. This quarter marked Tesla’s lowest delivery volume since the third quarter of 2022.

By editor

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