Oil prices soar as tensions rise in Middle East | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Dow hits record high, tech stocks lag
this Dow Jones Industrial Average closed on record high As investors pull out of tech stocks. The 30-stock index rose 0.16%, while S&P 500 Index and Nasdaq Index fell 0.32% and 0.85% respectively. NVIDIA Shares fell 2.25% ahead of Wednesday’s earnings report. Other chip stocks Broadcom and Micron fell 4% and 3.8% respectively. Meanwhile, the 10-year Treasury bond yield Ministry of Finance slightly increased Federal Reserve Chairman Powell said he plans to cut interest rates.

Apple’s new financial officer
apple announced treasurer Luca Maestri to resign On January 1, long-time Apple insider Kevan Parekh took over. Maestri, who has served as financial officer since 2014, will continue to lead the IT, security and real estate development teams. Parekh, currently vice president of financial planning and analysis, has been a key member of Apple’s financial leadership. During Maestri’s tenure, Apple’s revenue more than doubled and the company’s stock price soared more than 800%. In addition, the company plans to A press conference will be held on September 9 It is expected to unveil new iPhone and Apple Watch models at its headquarters.

Oil prices soar
U.S. crude oil prices up 3.5% due to Libyan production halted and tensions rising between Israel and Hezbollah. The government in eastern Libya has shut down oil production and exports due to a political dispute over who should run the central bank, which could affect global markets. At the same time, there was a fierce exchange of fire between Israel and Hezbollah. Ongoing Middle East tensions, including the recent assassination of militant leaders, have put the region on edge.

Bronfman drops bid
Edgar Bronfman Jr. had withdrew his bid for Paramount Worldwidemaking Skydance Media a possible contender to acquire Shari Redstone’s media empire. According to Reuters, Bronfman’s team informed Paramount’s special committee of their decision, citing high-net-worth investors’ discomfort with sharing personal financial information. The group led by Bronfman had previously made a $6 billion bid to acquire Paramount through its controlling shareholder National Amusements.

Asian stocks slide
Asia-Pacific stocks fell sharply on Tuesday, following overnight losses in the S&P 500 and Nasdaq. Hongkong Hang Seng Index The CSI 300 Index fell 0.27%, and the CSI 300 Index fell 0.61%. Industrial profits rose 3.6% Year after year. Japanese Nikkei 225 Index rose 0.21% in choppy trading, while South Korea Cospi down 0.37%. Australian S&P/ASX 200 Index It came close to hitting a record high before falling 0.17%.

(PRO) Nvidia Hedge
Bank of America warned that “investors may be underestimating the risk of Nvidia earnings disappointing,” which could lead to a broader market sell-off. This is what investment banks recommend Hedging risk.

boeing companyThe aerospace giant’s space ambitions may be on the verge of collapse as speculation grows that it may sell its troubled space business. This comes after problems arose with its Starliner spacecraft, which departed Two astronauts trapped On the International Space Station.

Reuters reports that Boeing and Lockheed Martin Already in Negotiating sale of rocket launch joint ventureThe sale to United Launch Alliance to Sierra Aerospace is expected to cost $2 billion to $3 billion. The potential sale comes as Boeing’s dominance in space exploration is increasingly challenged by younger, more nimble rivals.

Once the backbone of NASA’s Apollo missions, Boeing now finds itself overshadowed by Elon Musk’s SpaceX, which has quickly become The preferred partner for manned space missions. Boeing isn’t the only company facing these challenges. like Intelincluding Lagging behind in artificial intelligence and smartphone markets to competitors, e.g. NVIDIA, Broadcom and AMDBoeing is grappling with the reality of being overtaken in an industry it once led.

“This incident could have a negative impact on Boeing’s reputation with NASA, and it’s unclear if or when the company will get another chance,” Bank of America analyst Ronald Epstein said in a note. Putting astronauts into space “If Boeing. Spin off the manned space flight business”.

Epstein’s criticism didn’t end there. He pointed to a gap in Boeing’s technical staff that suggests the company may have strayed away from its engineering roots – a potential factor in its recent setbacks.

These challenges are another issue New Boeing CEO Robert Ortberg He is tasked with guiding the company through many safety issues on commercial aircraft.

Boeing shares fell 0.85% to $173, although Epstein maintained its 12-month price target of $200, which represents a 15% upside from Monday’s closing price.

As for the broader market, the Dow closed at a record high. Despite the rotation in technology stocks, the industry’s weight has weighed down on the S&P 500.

UBS acknowledged the recent volatility in technology stocks but maintained that the long-term growth potential of artificial intelligence will support the broader market.

“We believe there is room for further upside in U.S. equities amid a constructive environment driven by Fed rate cuts, an AI growth story and healthy earnings growth,” UBS wrote in a note on Monday, reaffirming the S&P 500. The index’s year-end target.

—CNBC’s Pia Singh, Lisa Kailai Han, Spencer Kimball, Brian Evans, Kif Leswing and Lim Hui Jie contributed to this report.