April 14, 2024 1:57 pm
European Stock Markets Affected by Decline on Wall Street, with Oil Companies Serving as a Bright Spot

Wall Street is facing a decline due to concerns that central banks may keep high interest rates for longer than expected. The energy sector saw the biggest rise, benefiting from a tightening oil market. On Tuesday, the key stock market indices, S&P 500, Dow Jones, and Nasdaq 100, all experienced decreases. The bearish sentiment on Wall Street later spread to European markets. However, oil and gas companies on Wall Street experienced some positivity amidst the red rates. Companies like Phillips 66, Occidental Petroleum, and ExxonMobil saw increases in stock prices due to tensions in the oil market and plans to produce renewable fuels. Concerns over potential escalations in the Middle East following Israel’s airstrike on the Iranian embassy in Syria added to fears of disruptions in oil supply chains. Additionally, Mexico’s state oil company signaled potential cuts in crude oil exports further fueled apprehensions about oil supply. In terms of specific stock movements, companies in the health sector like Humana and CVS Health saw declines while technology companies such as AMD and Nvidia also experienced losses. Electric car manufacturer Tesla faced challenges as its first-quarter delivery volume fell short of market expectations marking its lowest delivery volume since the third quarter of 2022.

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