Stocks moderately impacted after Saudi oil attack
Bulltick Capital Markets’ Kathryn Rooney Vera discusses why the U.S. should not be overly concerned over the recent oil explosion. Vera says other foreign actors, such as China, will be affected to a much greater degree.
U.S. stocks were mixed at the opening bell on Tuesday.
Continue Reading Below
The Dow Jones Industrial Average was the biggest decliner, down 0.3 percent. Both the S&P 500 and Nasdaq were little changed.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27035.87 | -40.95 | -0.15% |
| SP500 | S&P 500 | 2997 | -0.96 | -0.03% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8148.81246 | -4.73 | -0.06% |
Energy names added to Monday’s gains, which came after drone attacks on Saudi Arabia’s biggest oil processing plant caused crude prices to soar by more than 14 percent. West Texas Intermediate crude oil was down 1.29 percent at $62.09 a barrel.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 73.36 | -0.37 | -0.50% |
| CVX | CHEVRON CORP. | 123.80 | -0.32 | -0.26% |
Airlines stocks bounced back after higher energy prices were a headwind on Monday. Both American Airlines and United Airlines were gaining in early trading.
Advertisement
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 28.80 | +1.03 | +3.71% |
| UAL | UNITED AIRLINES HLDG. | 90.75 | +2.00 | +2.25% |
Elsewhere, General Motors shares saw further selling after slumping 4.3 percent the previous session in response to more than 49,000 United Auto Workers members going on strike.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| GM | GENERAL MOTORS COMPANY | 37.52 | +0.30 | +0.82% |
MORE FROM FOXBUSINESS.COM
On the data front, U.S. manufacturing production bounced back in August, growing at a 0.6 percent pace, according to the Federal Reserve. It grew 0.4 percent in July.
This week’s headline event is the Federal Reserve’s two-day meeting on interest rates, which kicks off on Tuesday. Investors expect the central bank to cut its benchmark interest rate by a quarter of a percentage point to a range of 1.75 percent to 2 percent.
It would be the second such cut in consecutive meetings, as the Fed tries to protect the economy from a global slowdown and the effects of the U.S.-China trade war.
CLICK HERE TO READ MORE ON FOX BUSINESS
In Europe, Germany’s DAX was down 0.51 percent to pace the decline. Overnight, Japan’s Nikkei tacked on 0.1 percent for a 10th straight day of gains while Hong Kong’s Hang Seng shed 1.2 percent after the credit ratings agency Moody’s downgraded the city.
Ken Martin contributed to this article.
