- Wall Street loses in early Tuesday trading session
- Oil companies gain on wave of oil price rallies
- First satellite launch failure in 2 years wears Rocket Lab (RKLB.US) shares down 10%
The start of Tuesday's session on Wall Street begins with declines in the major stock market benchmarks. At the time of writing, the US100 index is losing 0.85% and the US500 is down almost 0.55%. Investors' attention today is focused on the commodities market, in particular oil, which is extending its dynamic rally and driving the quotations of oil companies.
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Create account Try a demo Download mobile app Download mobile appUS companies categorised by sector and industry. Size denotes market capitalisation. Against the backdrop of the broad market, the only sectors with clear gains are oil companies and automotive. Source: xStation5
The US100 index is losing nearly 0.85% at the start of today's session and has broken below yesterday's lows. Source: xStation 5
News
Steel producer United States Steel Corp (X.US) yesterday updated its profit guidance for the current quarter above Wall Street estimates. The company communicated that each of its segments exceeded previous expectations, driven by declining raw material costs and higher prices for rolled products. The company expects adjusted earnings per share of $1.10 to $1.15 in the third quarter, compared to analysts' average estimate of $1.01 per share. The company's shares are currently gaining nearly 3.5%.
Source: xStation 5
Rocket Lab (RKLB.US) shares are losing ground after its first satellite failure in more than two years. The stock is currently trading down more than 10%.
Source: xStation 5
Analyst firm Truist raised its rating on shares of Royal Caribbean (RCL.US) to 'buy' from an earlier 'hold' and Carnival (CCL.US) to 'hold' from an earlier 'sell', citing forward-looking trends for 2024 and 2025 that look 'exceptionally strong'. Shares in the companies are currently gaining close to 2%.
ANALYSTS' RECOMMENDATION
- Intercontinental Exchange Inc (ICE.US): Jefferies raises its target price for the company's shares to $134 versus the previous $129 on the Black Knight acquisition, which could fuel the company's growth.
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