U.S. West Texas Intermediate futures dropped 4.38% to settle at $86.85 per barrel on Monday, lifting investor sentiment.
Stocks surged on Monday as an oil price decline and technology share gains countered last week’s market volatility, CNBC reported. The Dow Jones Industrial Average popped 1,104.02 points, or 2.15%, to close at 52,389.75.
Goldman Sachs and Caterpillar supported the blue-chip index. Meanwhile, the S&P 500 rose 2.35% to end at 7,549.94 for its best day since April 8, and the Nasdaq Composite gained 2.74% to 25,253.14.
Lower oil prices lifted investor sentiment across the trading floor. International benchmark Brent slid 5.85% to $92.57 per barrel.
On Tuesday, oil markets were broadly steady, with Brent crude futures holding at $109 per barrel and West Texas Intermediate crude trading near $98 per barrel. Energy markets reacted to ongoing Middle East conflict pressures alongside Federal Reserve interest rate outlooks.
Chip stocks recovered on renewed buying after Thursday’s artificial intelligence-driven sell-off. Broadcom popped nearly 9% and Advanced Micro Devices jumped 13%.
The iShares Semiconductor ETF rose more than 7% after dropping around 13% the previous week. Infrastructure Capital Advisors CEO Jay Hatfield said the recent chip sell-off was overdone.
The turmoil was still partially correct, he added, because a policy overhang persists from Democrats in both the short run and the long run from ’28. Nvidia shares closed down 4% following a board investigation announcement regarding CEO Jensen Huang.
President Trump announced an $8 billion aid package at a campaign rally in Kansas. He posted the policy simultaneously to Truth Social.
Tonight, I am also pleased to announce that the Department of Agriculture will be launching a new ‘Harvest Fuel Relief Program,’ providing our Farmers with 8 BILLION DOLLARS in support to offset Diesel costs during this Harvest Season.
President Trump
The program aims to offset diesel costs during the harvest season ahead of next month’s midterm elections.
Earlier coverage: Apple Earnings and Middle East Tensions Weigh on U.S. Stock Futures
Keep reading
Discover more from Archyworldys
Subscribe to get the latest posts sent to your email.