US stocks rally as crude prices fall sharply
NEW YORK - Wall Street stocks rose Monday as markets shrugged off Iran's response to the weekend US military strike while petroleum-related equities plummeted with crude prices.
Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead.
But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected. Shares of oilfield companies like Schlumberger and Halliburton fell sharply.
The Dow Jones Industrial Average finished up 0.9 percent at 42,581.78.
The broad-based S&P 500 rose 1.0 percent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 19,630.97.
Iran's response "signified that Iran isn't going to have the fire power to escalate this in an adverse way," said Briefing.com analyst Patrick O'Hare.
"The response is relatively weak," he said.
O'Hare said investor sentiment was also boosted by comments from Federal Reserve Governor Michelle Bowman signaling a possible interest rate cut in July, remarks that followed statements from another Fed official late last week.
The comments are likely to get attention at congressional hearings this week with Fed Chair Jerome Powell.
Among individual companies, Tesla surged 8.2 percent after the company's robotaxi service made its debut in Austin, Texas this weekend.
Northern Trust surged 8.0 percent following a Wall Street Journal report that said it had been approached by Bank of New York Mellon about a merger. Bank of New York Mellon dropped 2.2 percent.
In its New York trading debut cement company Amrize advanced 1.3 percent following its spinoff from Swiss giant Holcim. — Agence France-Presse
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
4 days ago
- GMA Network
Trump will likely fire Fed's Powell soon, Bloomberg reports
Trump has called for Powell to resign, but the president does not have the power to fire him over a monetary policy dispute. REUTERS/ Elizabeth Frantz/ File photo US President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, Bloomberg reported on Wednesday, citing an unidentified White House official. Separately, CBS News reported that Trump had asked Republican lawmakers if he should fire Powell, and several people in the room said he indicated he will do it. The meeting with members of the House of Representatives took place in the White House's Oval Office on Tuesday night, CBS reported, citing multiple sources. Trump has repeatedly criticized Federal Reserve monetary policy in recent months, angry over the central bank's refusal to cut interest rates. Fed officials have resisted cutting rates until there is clarity on whether Trump's tariffs on US trading partners reignite inflation. Trump has called for Powell to resign, but the president does not have the power to fire him over a monetary policy dispute. Powell, who was nominated by Trump in late 2017 to lead the Fed and then nominated for a second term by Democratic President Joe Biden four years later, has said he intends to serve out his term as Fed chief, which ends on May 15, 2026. Last week, the White House intensified its criticism of how the Fed is being run when the director of the Office of Management and Budget, Russell Vought, sent Powell a letter saying Trump was "extremely troubled" by cost overruns in the $2.5-billion renovation of its historic headquarters in Washington. Powell responded by asking the US central bank's inspector general to review the project. — Reuters
GMA Network
07-07-2025
- GMA Network
Marcos: Over P500M allotted to restore San Juanico bridge load limit
President Ferdinand ''Bongbong'' Marcos Jr. said Monday that more than P500 million has already been allocated to restore San Juanico Bridge's load limit to 12 to 15 metric tons by December 2025. Speaking at the grand launch of Phases 2 and 3 of the National Fiber Backbone (NFB) project in Palo, Leyte, Marcos tasked the Department of Public Works and Highways (DPWH) to expedite the retrofitting and complete restoration of the bridge, citing its burden to residents, businesses, and travelers in the region. ''May higit kalahating bilyong piso na pondo ang nakalaan para maibalik sa labindawala hanggang labinlimang metric tons ang load limit sa susunod na Disyembre,'' Marcos said in his speech. (More than P500 million was allocated to return the load limit to 12 to 15 metric tons by December.) Earlier, the President said he wants to increase the load limits of San Juanico Bridge to 12 tons by December this year. Marcos had apologized to the residents in Samar and Leyte who were affected by the rehabilitation, saying that the government wants to ensure their safety. In May, DPWH Secretary Manuel Bonoan said that the present load limits of San Juanico Bridge amid its rehabilitation might be increased in the next months. He said the increase in the load limits could be implemented in the last quarter of this year.
GMA Network
01-07-2025
- GMA Network
PH manufacturing posts slight rebound in June
The Philippine manufacturing sector posted a rebound in May with higher production levels amid improved demand, results of the latest survey conducted by S&P Global released on Tuesday showed. The headline S&P Global Philippines Manufacturing PMI stood at 50.7 in June, indicating a stronger, albeit still modest improvement from the 50.1 recorded in May, and still close to the 50.0 threshold that separates expansion from contraction. 'The overall performance of the Filipino manufacturing sector remained relatively subdued as the first half of the year concluded,' S&P Global Market Intelligence economist Maryam Baluch said in a commentary. 'That said, the overall PMI figure masked some pockets of strength, such as the revival in employment, which was the first in four months. Output was also raised, thereby reversing the fall in May,' she added. Job creation in June was the strongest since November 2024, with panelists citing the greater demand needs, with new orders growing at a faster pace than the previous month, bringing production levels back into expansion territory. 'However, while new orders continue to rise, they do so at a historically muted pace, weighed down by a stalled exports picture. Additionally, supply-side challenges such as delayed delivery times for inputs and material shortages impacted production capacity,' Baluch said. Delivery times for inputs were extended for the 14th straight month, but the latest was the lease pronounced delay since May 2024. This caused Philippine manufacturers to be unable to replenish their post-production inventories effectively. In terms of prices, both input and output charges were slightly lower than those seen in May, even as respondents linked higher prices to an increase in material costs. Optimism also increased in June when compared to the previous month, but S&P noted that the confidence degree was significantly below historical levels. 'The next couple of months will be important to gauge if the sector is able to return to growth rates seen in much of last year… (H)istorically muted business confidence suggests a more subdued path for the year ahead,' Baluch said. Survey responses were collected in the second half of the month, taking into account responses from purchasing managers in a panel of around 400 manufacturers. The PMI is a weighted average of new orders, output, employment, suppliers' delivery times, and stocks of purchases. The Philippine Statistics Authority (PSA) is scheduled to release official government figures on manufacturing for the month of June on August 7, 2025. — RSJ, GMA Integrated News
