Investing.com-The US stock market began trading lower on Monday, but fears of pressure on global oil supplies have receded a bit, well below the lows announced overnight by futures contracts.
U.S. Secretary of State Antony Blinken is actively discussing with European allies on Sunday that the United States may impose a complete embargo on Russian oil, essentially banning 10% of the world’s oil supply. And said it is causing the madness of alternative supplies.
However, German Chancellor Olaf Scholz said his country would not agree with such an initiative and argued that there was no other way to guarantee Europe’s energy supply in the short term. With the opening of Wall Street, it traded above the 14-year high of $ 130 a barrel and below $ 120 a barrel. This is the level that has led to widespread demand disruption and economic slowdown in the past.
By 9:40 EST (1440 GMT), was down 253 points (0.8%) to 33,362 points. It fell 0.4%, virtually flat from Friday’s closing price. Last week, all three lost money.
A Kremlin spokesman said what was called a “special military operation” could end soon without a change, Reuters said. However, the remaining demands for Ukraine to accept neutrality and allow Russia to conquer the Kremlin and the independence of the two secession “republics” remain unacceptable to the Ukrainian government, which has been largely bolded by successful defense. .. Increasing signs of dysfunction in all major cities of the country and the Russian army.
Bed Bath & Beyond shares (NASDAQ 🙂 jump 63% in early moves following news that pet food company Chewy (NYSE 🙂 founder Ryan Cohen has accumulated shares in problematic retailers. It stood out in. Welcomed as the savior of another retailer, GameStop (NYSE :), trying to overcome the outdated physical store distribution model, GameStop shares maintain the momentum Cohen gave to the private investor army last year. GameStop’s share price has fallen 0.6% in early trading and has fallen 25% so far this year.
However, stock prices continued to fall in most cases, due to concerns about the economic damage caused by rising global commodity prices and economic boycotts, especially in Europe, the main market for many US companies. The stock price of Boeing (NYSE 🙂 fell 0.8. After announcing that it would stop purchasing titanium and titanium products from a joint venture in Russia that relies on lightweight aircraft components such as the% 787 Dreamliner, the issue of delivery of Dreamliner by other production issues made the decision for the company. It might have been easier.
Boeing was attended by Netflix (NASDAQ 🙂 over the weekend. American Express (NYSE 🙂 and accounting giants KPMG and PwC have pulled products and services from Russia, while Visa (NYSE 🙂 and Mastercard (NYSE 🙂 have further reduced the services they offer domestically. Ford puts an increasingly tough spotlight on those who choose to continue their normal operations there, such as McDonald’s (NYSE 🙂 and Coca-Cola (NYSE :).
Elsewhere, oil and gas companies continued to outperform with the outlook for storm profits this quarter. Exxon Mobil (NYSE 🙂 Stock price rose 2.3%, Chevron (NYSE 🙂 shares rose 0.9%, while Occidental Petroleum (NYSE 🙂 shares rose 3.2% following the news that Carl Icahn withdrew the company’s shares and removed the long-standing stock overhang. .. The company also enjoys the influx from Warren Buffett’s stock. Berkshire Hathaway (NYSE :).
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