US EditionSinking AI Stocks and Rising Oil Prices Weigh on Wall Street
Brent crude jumped $3.26 to $104.95 a barrel, while BP profit more than doubled and ExxonMobil, ConocoPhillips and Chevron rose in premarket.
- On Tuesday, oil prices soared as diplomatic efforts to end the Iran war appeared destined to stall, with the Trump administration signaling unlikely acceptance of Iran's proposal to reopen the Strait of Hormuz.
- Rising oil prices have lifted energy companies since the Iran war's onset, while the lack of progress to end the Middle East conflict has kept fuel costs elevated in recent months.
- Benchmark U.S. crude added $4.47 to $100.84 a barrel on Tuesday, while ExxonMobil, ConocoPhillips, and Chevron shares rose more than 2% in premarket trading as gasoline reached $4.18 per gallon.
- Experts expect the Federal Reserve to stand pat during Wednesday's meeting to avoid exacerbating inflation amid rising energy costs and the ongoing conflict.
- Wednesday's agenda includes a Senate Banking Committee vote on Trump's nominee, Kevin Warsh, to succeed Fed Chair Jerome Powell as the central bank's leader.
37 Articles
37 Articles
BP's profits more than doubled at the war in Iran pushed gas prices to new multiyear highs
BP is the first of the oil majors to post its financial performance, giving a preview of what to expect when other drillers like Exxon Mobil, Chevron and ConocoPhillips report their earnings later this week.
Pittsburgh Post-Gazette
Sinking AI stocks and rising oil prices weigh on Wall Street
NEW YORK — Slumping AI stocks and another climb in oil prices because of the Iran war are helping to halt Wall Street’s...
Sinking AI stocks and rising oil prices weigh on Wall Street - WXXV News 25
By STAN CHOE NEW YORK (AP) — Sinking AI stocks and another climb in oil prices because of the Iran war helped pull Wall Street off its record heights on Tuesday. The S&P 500 fell 0.5% from its latest all-time high. The Dow Jones Industrial Average dropped 25 points, or 0.1%, while the Nasdaq composite fell 0.9% from its own record. Stocks in the artificial-intelligence industry led the way lower. Chip company Broadcom was the heaviest weight o…
Investors in New York cashed in part of their gains on Tuesday, following record highs on the stock markets last week. Sentiment was dampened by rising oil prices and a worrying report regarding AI company OpenAI.
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