Energy stocks gain points Wagner coup attempt unsettles investors
06/26/2023, 10:12 p.m
Market traders are waiting for a sign from the US Federal Reserve, as there is still uncertainty as to whether there will be a rate hike at the end of July. In addition, the rebellion of the Wagner Södner group against the regime in Moscow is making investors nervous.
Geopolitical concerns after the mercenary rebellion in Russia and the expectation of new economic data later in the week have made US investors cautious. The Dow Jones index of standard values was hardly changed in New York at 33,741.71 points. The broader S&P 500 fell 0.45 percent to 4328.82 points. The index of the technology exchange Nasdaq fell 1.16 percent to 13,335.78 places. Investors awaited further developments in Russia after the aborted mercenary uprising.
Tesla 220,00
They are also hoping that the economic data planned for the next few days will provide clues as to the next rate hikes by the US Federal Reserve. The calendar includes data on US gross domestic product. “The way investors buy or sell now will depend on the expectation of whether there will be a rate hike later next month,” said Randy Frederick of brokerage firm Charles Schwab. “Therefore, any economic numbers we get by then will have an impact on the stock market.”
The ruble fell to a 15-month low at times during the day. The Russian national currency, which was not traded on Saturday and Sunday, stabilized in the afternoon at 85.08 to the dollar. In early trade, the ruble was at 87.23, the weakest since March 2022. “The peak of tensions has passed, but the bad mood will remain for some time,” said Alexei Antonov of Moscow broker Alor.
Lucid shares are up
Pfizer 33,85
On the oil markets, fears of supply because of the unrest at the world‘s third-largest producer have meanwhile given prices a slight boost. The North Sea crude oil grade Brent and the light US grade WTI rose to 74.4 and 69.4 dollars per barrel respectively. The rise in price supported the shares of the energy companies. Industry giants like Exxon Mobil, Chevron and Marathon Oil gained between 1 and 1.85 percent. Geopolitical concerns are also encouraging investors to invest in what are considered “safe haven” assets such as gold and government bonds.
In terms of individual values, the attempted mercenary uprising sent shares in the armaments companies plummeting. So Raytheon crumbled off by 0.36 one percent. The industry has benefited from increased military and security spending by several countries following the start of the Ukraine war. According to analysts and traders, the events of the weekend showed that Russian President Vladimir Putin could be weakened. Pfizer also flew out of the depots. The share certificates of the pharmaceutical company lost 3.66 percent. Pfizer has said it is halting development of its obesity and diabetes drug Lotiglipron after patients were found to have high levels of liver enzymes during the clinical trial. Pfizer wants to further develop another remedy for obesity.
The stock was hit by skeptical analyst comments after the recent Tesla rally. The US EV maker’s stocks fell more than 6 percent after rising more than 50 percent over the past two months. Goldman Sachs experts have downgraded the stock to neutral from a previous buy amid margin concerns. In contrast, the shares of Lucid, which increased by 1.74 percent, were in demand. The sports car manufacturer Aston Martin wants to develop luxury electric vehicles with the US electric car manufacturer in the future.