Red on Wall Street: six of the seven “Magnificent Seven” stocks fell


On Tuesday, parts of the loss were recouped, and the share rose 6 per cent. The price is now slightly above the listing price after the listing last week, which also caused a bump in Trump’s personal fortune. The ex-president owns 58 percent of the company.


Oil prices have strengthened significantly recently, and Tuesday was no exception. A plate Brent oil is at $88.94, up 1.74 percent from midnight. The WTI oil rising 1.67 percent to 85.11 dollars a barrel.

An Israeli airstrike on Iran’s embassy in Syria killed seven military advisers, including a high-ranking general. It marks an escalation of the war in Gaza between Israel and Hamas, which is supported by Iran. The expansion of the conflict has led to concerns about the impact on oil supplies, writes Reuters.

Industrial activity for March rose in China for the first time in six months and rose in the US for the first time in a year and a half. This means increased oil demand this year, as China is the world’s largest oil importer (and second largest consumer), and the US is the largest consumer.

– The bull signals for the oil price continue to pile up: Stronger-than-expected economic conditions in China and the US that provide a more optimistic outlook for demand, while geopolitical tensions in the Middle East continue to increase after Iran gets involved, says market strategist Yeap Jun Rong at IG to Reuters .

On the stock exchange, almost all the major oil producers rose. ExxonMobil led the way with an increase of 2 per cent, while Chevron put on 0.5 percent. ConocoPhilips strengthened by 1.6 per cent, and Occidental Petroleum put on 1.3 percent.

The oil equipment manufacturer ChampionX bought up by the giant Schlumberger in a deal worth 7.7 billion dollars. It sent the company up 10.4 percent, while Schlumberger, for its part, fell 1 percent.

Norwegian shares

Drill Drilling received a shock on the stock exchange on Monday when it became known that competitor Shelf Drilling announced the suspension of operations on four jack-up rigs in Saudi Arabia. On Tuesday, some of the fall was recovered, and the share rose 1.9 per cent.

Equinor benefited from the rising oil price on Oslo Børs on Tuesday, and strengthened by more than 4 per cent. In New York, the stock rose 1.6 percent.

It was red for John Fredriksen, where his shipping duo Front line and Golden Ocean fell by 1.3 and 1.9 per cent respectively. It was no better for Tor Olav Trøim and his Cool Company which fell 0.3 per cent, neither Himalaya Shipping which decreased by 2.4 percent.

Seadrill on the other hand rose 1.7 per cent, while Oceanis Eco Tankers rose 0.8 percent.

Gold and crypto

The gold prize has risen and risen so far this year. In less than one month, Finansavisen has written two articles about the gold price reaching its peak all-time high.

On Monday, the gold price peaked at 2,262.19 dollars per ounce, a new one all-time high. Already on Tuesday, this record was broken, after a rise of 1.83 percent to 2,298.40 dollars per ounce.

The price is said to have strengthened after recent figures pointed to a declining trend in US inflation, as well as increased expectations that the US central bank, the Federal Reserve, will cut interest rates already in June. In addition, increased unrest in the Middle East leads to increased interest in the precious metal.

Krypto has had a solid development since the New Year, but the market was in profit protection mode on Tuesday. Bitcoin is at 22 down 4.8 percent to 66,067 dollars. Ethereum is down 5.4 per cent, while XRP falls 2.7 percent.

The article is in Norwegian

Tags: Red Wall Street Magnificent stocks fell


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