Oil Funds in Demand on New York Mixed Stocks
The stock exchanges in New York opened on Monday with varying price results. Oil-related funds were clearly in demand with Wall Street investors thanks to rising oil prices. The technology sector, on the other hand, saw losses.
Shortly after the start, the leading Dow-Jones index recorded a gain of 0.4 percent at 34,923 points. The broad-based S&P 500 fell 0.3 percent to 4,439 points, and the technology gauge Nasdaq lost 1.1 percent at 14,883 points.
Major oil and gas companies such as Chevron, ExxonMobil, ConocoPhillips, Marathon Oil, Occidental Petroleum and Apache posted pluses of up to 5.3 percent. The price of a barrel of US oil rose 1.8 percent to $ 75.29, and Brent oil became 1.7 percent more expensive at $ 79.44 a barrel. Oil services companies Halliburton, Schlumberger and Transocean, advanced by 3.5 percent. Machine builder Caterpillar, which supplies many products to the raw materials sector, climbed 1.3 percent.
There were also positives in the financial sector. For example, the major banks JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs and Wells Fargo rose to 2.4 percent. On the other hand, things were down for the tech funds on Wall Street, with negatives for major companies like Amazon, Apple, Microsoft, Facebook and Google parent Alphabet up 2 percent.
The empty stock market shell Gores Guggenheim made a profit of 3.4 percent. Polestar, the electric sister brand of Swedish automaker Volvo Cars, will be listed in New York by merging with Gores Guggenheim. Polestar will be priced at $20 billion.
Acceleron Pharma was also in the spotlight with a plus of 4.4 percent. According to Bloomberg news agency, the pharmaceutical company is in talks about a takeover by a larger industry peer. It may be Bristol-Myers Squibb, which already owns a large stake in Acceleron.
Electronics retailer Best Buy posted a 2.5 percent gain. Analysts at investment bank Piper Sandler were positive about the retail company. However, cable operator Altice USA fell nearly 4 percent after a recommendation cut by Credit Suisse.