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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Stocks gain with tech-related shares; oil falls on Saudi price cuts

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of N... The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of N... The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo

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Stocks gain with tech-related shares; oil falls on Saudi price cuts. Gains in U.S. tech-related companies contributed to Monday’s mainly positive performance for global market indexes. However, oil prices fell as Saudi Arabia, the world’s largest oil supplier, slashed its pricing, overshadowing concerns about the Middle East.

The Dow Jones industrial average fell to a two-week low due to Boeing (BA.N.) shares, down almost 8%. When an Alaska Air Group (ALK.N.) airplane broke apart in flight on Friday, the Federal Aviation Administration (FAA) of the United States ordered the temporary suspension of confident Boeing 737 MAX 9 aircraft configured with that panel.

Treasury rates declined along with the U.S. currency. Awaiting this week’s U.S. inflation report, investors were trying to figure out when the Federal Reserve would begin reducing interest rates.

Data on December’s consumer price inflation will be released on Thursday. It is anticipated to reveal a 0.2% monthly increase in headline inflation, translating into a 3.2% annual rise. While USCPNY=ECI, USCPPI=ECI

Investors anticipate the company’s quarterly earnings as well. The upcoming U.S. reporting cycle opens for central banks, including JPMorgan Chase (JPM.N), with reports due on Friday.

The.SPX gained 16.03 points, or 0.34%, to 4,713.41, the Dow Jones Industrial Average (DJI) dipped 142.43 points, or 0.38%, to 37,325.69, and the.IXIC gained 141.19 points, or 0.97%, to 14,665.26.

The 737 (MAX) is a true workhorse of many airlines’ fleets; thus, the news about Boeing “could impact the airline sector,” according to Kim Forrest, chief investment officer at Bokeh Capital Partners.

The S&P 500 ended a nine-week winning streak last week, the longest since 1989, with a 1.5% loss. Due to the index’s 24% gain in 2023, values appear stretched, and the following results season will be crucial. European stocks (.STOXX) were up 0.3%, while the MSCI world equity index (.MIWD00000PUS), which measures shares in 49 countries, rose 0.15%. A holiday kept Japan’s Nikkei (.N225) closed and Chinese blue chips (.CSI300) down 1.1%, closing at five-year lows.

U.S. crude fell 4.51% in the oil sector to $70.47 a barrel. A barrel of Brent oil dropped to $75.65. The official selling price (OSP) of Saudi Arabia’s flagship Arab Light crude to Asia was lowered on Sunday to its lowest level in 27 months. Geopolitical concerns were also being monitored, as the Israeli conflict with Hamas threatened to expand to Lebanon, and Red Sea interruptions increased shipping prices in Europe.

The yield on the benchmark 10-year Treasury note decreased to 3.97% in the world of bonds.

The euro was up 0.2% at $1.0967 on the day, while the U.S. dollar index, which measures the dollar’s value relative to a basket of other key trade partners, was down 0.3% to 102.14. Meanwhile, the dollar fell 0.41% vs. the yen to 144.06.

Another piece of news investors processed was the $1.6 trillion budget agreement that U.S. congressional leaders reached to avoid a partial government shutdown.

The Institute for Supply Management (ISM) poll revealed a decline in activity in the services sector in December, suggesting a weaker economy. However, a Labor Department report released on Friday revealed that U.S. firms recruited more people in December than anticipated.


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